Banks to remain close for 4 days, ATMs may run out of money as long weekend awaits
If you are running low on cash or need to visit your bank, you have time till Friday, as the banks would remain closed for three days as the long weekend awaits.
Most of the banks will remain closed on April 28, which is the 4th Saturday of this month. Banks will also remain closed on Sunday, April 29, which is the normal weekly-off day for the bank employees. On April 30 (Monday), banks will again remain closed on account of the 'Buddha Purnima' - a bank holiday and May 1 is Labour Day.
Here are the four days that banks are closed:
- April 28: Fourth Saturday
- April 29: Sunday
- April 30: Buddha Purnima
- May 1: Labour Day
Owing to this long closure, banking services will affect business transactions. While the banking activities will come to a halt, ATM holders will have to suffer the most since ATMs are expected to run out of cash.
As the crash crunch already hit many parts of the country then it would be in your own interest to plan properly and finish your work in time to avoid any convenience. While the government scrambles to pinpoint the cause of the crisis, PM Narendra Modi's demonetisation move in November 2016 has a possible effect.
Though the cash shortage does not look like a pan-India phenomenon, several states such as Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh, Uttar Pradesh, northern parts of Bihar and some areas of Maharashtra as well as Delhi have reported that money supply, a key indicator of monetary stability, has been badly hit.