Bank holiday: Are banks across India open or closed tomorrow, June 6?
Eid ul-Adha (also known as Bakra Eid) is one of the most significant religious festivals celebrated by Muslims worldwide. It marks the sacrifice of Prophet Ibrahim and his willingness to sacrifice his son as an act of obedience. On this occasion people are wondering if Banks across India will remain open or closed. So, according to RBI, banks in some parts of the country will remain closed on the account of Eid-ul-Ad'ha (Bakrid) on Friday, June 6.
According to the official website of RBI, May 6 is a declared holiday under Negotiable Instruments Act. Banks only in Kochi and Thiruvananthapuram will remain closed tomorrow. Banks across all other states will remain open for customers.
While on May 6 only some banks will observe a closure, for May 7 banks in several states will remain closed. Only banks in Ahmedabad, Gangtok, Itanagar, Kochi and Thiruvananthapuram will remain open. On June 7, banks in all other states will remain closed.
Eid ul-Adha, also known as Bakrid, will be celebrated on Saturday, June 07, 2025. Its origins can be traced back to the story of Prophet Ibrahim who received a divine command to sacrifice his son as a test of his devotion to Allah. It is a day when people reflect on spiritual renewal, devotion and submission to Allah.
During the bank holiday, customers will not be able to conduct any cheque transactions or transactions related to promissory notes. However they can access their accounts through net banking, mobile applications and ATM, that will remain in service.
RBI has declared a total of 5 holidays in Junes including on June 6, 7, 11, 27 and on June 30. Additionally, bank holidays are also observed every second and fourth Saturdays.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
32 minutes ago
- Economic Times
RBI's next interest rate cut action likely in December
Reserve Bank of India may keep interest rates steady in August. However, further reduction is expected later this year. This follows a larger-than-expected cut aimed at boosting economic growth. Most institutions anticipate a rate cut in either October or December. The central bank will also lower the cash reserve ratio to inject liquidity. These measures surprised the markets. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Reserve Bank of India (RBI) is expected to hold interest rates in August but possibly make yet another reduction later this year, following its greater-than-expected cut on Friday aimed at bolstering growth.A poll by ET showed that eight out of 10 institutions expect a rate cut either in October or December while two do not expect any reduction until December. All participants expect a pause in August. Nomura is the only participant anticipating a25 bps rate cut in the October and December policy reviews. The next meeting of the RBI Monetary Policy Committee (MPC) is scheduled for August 4-6. A basis point is 0.01 percentage RBI announced a 50 bps reduction in the key repo rate to 5.50% — against expectations of a 25 bps cut — and shifted its stance to 'neutral' from 'accommodative'.Since then, economists and market participants have been debating the extent of further rate cuts that the central bank may take and by when, given governor Sanjay Malhotra's statement that monetary policy was left with limited space to support growth after having reduced the repo rate by 100 bps since February. He added that the future course of action by the MPC will be data other factors could come into play later in the year. 'The combination of a 50 bps repo rate cut and a shift in stance to neutral is a signal that the space for policy easing has been largely exhausted,' Nomura said. 'However, the policy outlook depends on the macro outlook. Beyond an August pause, we expect the easing cycle to continue and still see 5.00% as the terminal rate.'Possible uncertainties include the June-September monsoon, US tariffs and their impact on growth and the potential for inflation to come in below projections. Despite challenges, there's room for further reduction in the RBI's repo rate, most participants said. The monsoon made landfall earlier than scheduled and while the weather office has said it will be above normal, there's been a lull in rain in some parts of the country since then. Other areas have been hit by severe RBI will also lower the cash reserve ratio by 50 bps to 3% in phases, starting September, to infuse Rs 2.5 lakh crore liquidity in the system. Both measures — the extent of the rate cut and the CRR reduction — caught the markets off guard. 'Everything that had been forecast for this calendar year happened in one policy,' a bond trader said, reflecting the market's mood after the June 6 monetary policy the governor's statement on the limited space to support growth, some economists said the RBI is not just responding to short-term data, but is also aiming to help the Indian economy grow at its full potential. Malhotra has said that the aspiration is to grow at 8%, more than 6.5% projected by the central bank for FY26.
Time of India
41 minutes ago
- Time of India
City's goat markets record sales to nearly 400 crore this Bakrid
Lucknow: The city's sacrificial animal market this Eid-ul-Azha recorded goat sales reaching approximately Rs 400 crore. Over the past six days, just two major markets—Dubagga and under Khadra Bridge—alone recorded sales exceeding Rs 40 crore worth of goats. The markets saw large crowds as buyers and sellers engaged actively, turning the religious festival into a significant economic event in the city. The bustling trade not only fulfilled traditional religious needs, but also gave a notable boost to local commerce. Several traders from the city, nearby districts and other states came to the various markets. According to traders and managers of temporary goat market near Joggers Park Dubagga and Pakka Pul, Khadra, around three lakh Muslims out of the city's approximately 9.5 lakh Muslim population participated in this year's Qurbani, purchasing goats that averaged around Rs 15,000 to Rs 5 lakh. In the Dubagga and Khadra markets alone, sales worth Rs 60 crore were recorded over the last six days. Organiser and manager of the Dubagga Goat Market, Mohammad Jamal, said, "In the last three days, goat trades worth nearly Rs 60 crore took place at the Dubagga market, with buyers arriving from various parts of the city and nearby places. On the final day before Eid-ul-Azha, till the early hours of June 7, transactions of around Rs 5 crore were recorded. This year, the market witnessed a significant increase in footfall and demand, especially for premium breeds. " M oreover, another temporary market set up near Pakka Pul saw a significant footfall of buyers of sacrificial goats. Buyers were more interested in purchasing multiple goats instead of costly goats. Meanwhile, the sellers of green leaves and other food items for goats also saw a surge in their business. Mohammad Aamir, manager at Pakka Pul Mandi, highlighted, "This year, people were more interested in purchasing multiple goats instead of heavy and costly goats. Approximately Rs 25 crore of business was done in the last week before Eid-ul-Azha." "Not only goats increased the sales figure, but the vendors of food and green leaves for goats also had significant business," he added. Raju Baheliya, a leaves seller, said, "We used to sell leaves for goats all year round for fixed customers. However, in this season, we sell leaves 24X7 due to high demand." Anwar Shafi, a goat buyer at Pakka Pul, stated, "This festival is directly related to the rural economy." 'Sikandar' fetches Rs 3.5L:Goat named Sikandar sold for Rs 3.5 lakh and goat named Tiger sold for Rs 2.75 lakh. Meanwhile, Sheep (Dumba) sold for 1.75 lakh.
Time of India
an hour ago
- Time of India
Banks' proposal for tax relief on NPA interest under review
New Delhi: The government is reviewing a proposal from banks to exempt the interest earned on non-performing assets by amending the income tax law to align the definition of NPAs with that of the banking sector regulator, the Reserve Bank of India . The RBI classifies a loan as an NPA if the interest or principal remains overdue for more than 90 days, while the income-tax act classifies a loan NPA if this period is more than six months. "In May, these suggestions were made to the Department of Financial Services, which in turn flagged the issue with the revenue department in the finance ministry," said an official requesting anonymity, adding that separately a representation has also been made by the Indian Banks' Association , or IBA. A committee with tax officials, representatives from the industry and the Institute of Chartered Accountants of India has been tasked with the review of the draft income-tax law and is examining the issue, said another government official. Live Events The section 43D under the income tax act specifically provides for taxation of interest income from non-performing loans. It is taxed either on a realisation basis or as a credit to the statement of profit and loss, whichever is earlier. Lenders have also sought an increase in deduction for the provision made for NPA to up to 15% of the gross income from 8.5%. Under section 36(1)(viia) of the Income Tax Act, 1961, banks and financial institutions are allowed a deduction in respect of the provisions made for non-performing assets. The provision is also applicable to NBFCs and housing finance companies. The industry had in the past flagged the issue citing numerous litigation at various courts. If the government agrees to the proposed changes, banks' bottom lines will get a boost. As per current data, gross non-performing assets, or GNPAs, of scheduled commercial banks, or SCBs, stood at Rs 4.16 lakh crore as of Q4 FY25. "The NPA recognition principles are not clearly aligned, leading to instances where the tax department seeks to tax notional interest income on NPAs, even though such interest is not recognized in books due to RBI norms," Sandeep Sehgal, Partner- Tax, AKM Global, a tax and consulting firm said. This puts unjust tax liability on unrealised income as banks and financial institutions are required to pay tax on interest income beyond 90 days, Sehgal added.
