Tag: diwali

Check the full list here, BFSI News, ET BFSI

Banking & Finance

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In the upcoming week starting November 1, all private and government banks will remain closed for five days next week amid festivals such as Diwali and Bhai Dooj.

Banks will be closed for up to 17 days in the entire month.

According to the RBI list of holidays of November 2021, all banks across the country, except those in Bengaluru, will remain closed on Diwali, which falls on November 4.

Leaves on the second and fourth Saturdays of the month, and on Sunday would be uniformly applicable to all banks across the country.

Here is the complete list of bank holidays:

November 1 (Monday): Kannada Rajyostsava/Kut; banks in Karnataka and Manipur Kannada will be closed

November 3 (Wednesday): Naraka Chaturdashi; banks will be closed in Karnataka

November 4 (Thursday): Diwali Amavasaya (Laxmi Pujan)/Deepavali/Kali Puja; banks will be closed in all states except Karnataka

November 5 (Friday): Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja; banks will be closed in Gujarat, Karnataka, Uttar Pradesh, Uttarakhand, Sikkim and Himachal Pradesh

November 6 (Saturday): Bhai Duj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba; banks will be closed in Sikkim, Manipur and Uttar Pradesh

November 10 (Wednesday): Chhath Puja//Surya Pashti Dala Chhath (Sayan ardhya); banks will be closed in Bihar and Jharkhand

November 11 (Thursday): Chhath Puja; banks will be closed in Bihar

November 12 (Friday): Wangala Festival; banks will be closed in Meghalaya

November 19 (Friday): Guru Nanak Jayanti/Karthika Purnima; banks will be closed in many states such as Maharashtra, Delhi, Uttar Pradesh, Jharkhand, Jammu and Kashmir and more

November 22 (Monday): Kanakadasa Jayanthi; banks will be closed in Karnataka

November 23 (Tuesday): Seng Kutsnem; banks will be closed in Meghalaya



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Bank Holidays November 2021: Banks to remain shut for up to 17 days; check full list here

Banking & Finance

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There is also going to be one long weekend in states where banks are closed for Guru Nanak birthday on 19 November 2021.

2021 Bank Holidays in November: Banks will be closed for up to 17 days across the country in November 2021. The banks remain open on the first and third Saturdays every month and close on the second and fourth. There is also going to be one long weekend in states where banks are closed for Guru Nanak’s birthday on 19 November 2021. Except for Bengaluru, all the banks will observe a holiday on Diwali Amavasya (Laxmi Pujan). It may be noted that apart from the weekly offs, banks will not be closed for all 17 days for all states as these are state-specific holidays for different occasions.

Bank holidays in November 2021

1 November 2021: Kannada Rajyostsava/Kut
3 November 2021: Naraka Chaturdashi
4 November 2021: Diwali Amavasaya (Laxmi Pujan)/Deepavali/Kali Puja
5 November 2021: Diwali (Bali Pratipada)/Vikram Samvant New Year Day/Govardhan Pooja
6 November 2021: Bhai Duj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba
10 November 2021: Chhath Puja//Surya Pashti Dala Chhath (Sayan ardhya)
11 November 2021: Chhath Puja
12 November 2021: Wangala Festival
19 November 2021: Guru Nanak Jayanti/Karthika Purnima
22 November 2021: Kanakadasa Jayanthi
23 November 2021: Seng Kutsnem

On 1 November, banks in Karnataka and Manipur Kannada will be closed. Banks in Karnataka will be closed on 3 November. On Deepawali Pujan day, banks will be closed in all states except Karnataka. On Bali Pratipada, banks will be closed in Gujarat, Karnataka, Uttar Pradesh, Uttarakhand, Sikkim and Himachal Pradesh. While on Bhai Duj, banks in Sikkim, Manipur, and Uttar Pradesh will be closed.

Banks in Bihar will observe a holiday on account of Chhath Puja on 10 November and 11 November 2021. While banks in Meghalaya will remain on 12 November 2021. On Guru Nanak Jayanti, banks will be closed in states such as Maharashtra, Delhi, Uttar Pradesh, Jharkhand, Jammu and Kashmir, among others. Bank in Karnataka will remain closed on 22 November and those in Meghalaya will remain closed on 23 November.

Weekend Bank Holidays in November 2021

07 November 2021: Sunday
13 November 2021: Second Saturday
14 November 2021: Sunday
21 November 2021: Sunday
27 November 2021: Fourth Saturday
28 November 2021: Sunday

Even as banks will remain shut on the above-mentioned days, customers can avail online services. Moreover, mobile and internet banking will remain operational. The Reserve Bank of India (RBI) has categorised holidays under three categories — Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts. The list of holidays given below has been notified by RBI.

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wgc: India’s gold demand could jump in Q4 on festivals, pent-up purchases

Personal Finance

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MUMBAI – India‘s gold demand could strengthen significantly in the fourth quarter, the World Gold Council (WGC) said on Thursday, with a drop in global prices and the release of pent-up demand expected to lift jewellery sales during the peak festive season.

Higher demand from the world’s second-biggest gold consumer could help support spot prices after a near 5% correction so far this year, but a rise in imports of the metal would widen India’s trade deficit and weigh on the rupee.

“The fourth quarter is likely to be one of the best quarters in recent years. Pent-up demand, softening of gold prices and weddings will drive the demand,” Somasundaram PR, regional chief executive officer of WGC’s Indian operations, told Reuters.

Demand for the precious metal usually spikes towards the end of the year in India, as buying gold for weddings and major festivals such as Diwali and Dussehra is considered auspicious.

Demand for the precious metal usually spikes towards the end of the year in India, as buying gold for weddings and major festivals such as Diwali and Dussehra is considered auspicious.

Indians celebrated Dussehra earlier this month and anecdotal feedback from manufacturers indicated strong sales, he said.

The pick-up in retail demand gave confidence to manufacturers, and imports in the September quarter jumped 187% from a year ago to 255.6 tonnes, he said.

In a report published on Thursday, the WGC said gold demand jumped 47% in the third quarter from a year earlier to 139.1 tonnes as jewellery demand surged 58% to 96.2 tonnes.

Demand for coins and bars – known as investment demand – rose 27% in the same period to 42.9 tonnes as investors increased hedging amid a stock market rally, the WGC said.
Somasundaram did not provide a demand estimate for 2021, but said demand could be better than 2019’s 690.4 tonnes and well above 2020’s 446.6 tonnes.

“With restrictions being gradually lifted across the country, retail demand is bouncing back to pre-Covid levels. With the upcoming festive and wedding season, there is all the more enthusiasm towards gold demand,” he said.



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RAI, BFSI News, ET BFSI

Personal Finance

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New Delhi, Consumers are more excited about the festive season shopping this year compared to the last, making retailers hopeful that the third wave of COVID-19 pandemic will not eclipse the Diwali glow, Retailers Association of India (RAI) said on Tuesday. As per the annual Festive Shopping Index conducted by RAI and LitmusWorld, capturing consumer sentiment on several aspects influencing purchase decisions during the festive season, apparel topped the shopping list followed by home appliances.

As per the survey that covered 1,000 customers across tier I, II and III cities in India, 63 per cent of the respondents had apparel on top of their shopping list, followed by home appliances and electronics with 50 per cent each and 36 per cent preferred mobile phones.

“Jewellery is back among the top things to buy this festive season for 27 per cent of respondents this year, as against a mere 9 per cent last year,” RAI said in a statement.

When it comes to spending, the survey found that about 43 per cent of respondents were willing to spend in the range of Rs 15,000 to Rs 1 lakh and 9 per cent are looking at spending above Rs 1 lakh during the ongoing festive season. Last year only 5 per cent of respondents were willing to splurge over Rs 1 lakh. RAI CEO Kumar Rajagopalan said,

“Consumers have indicated an overwhelming eagerness to shop in this year’s consumer survey as more than half of the respondents plan to shop for themselves as well as for their loved ones”.

Stating that this augurs well for retail businesses and may lead to a turnaround, he said, “Retailers are hopeful that the positive sentiment continues and are hoping that a third wave of the pandemic doesn’t eclipse the Diwali glow”.

In terms of mode of payments, non-cash continues to be the trend this year as well, with credit cards (59 per cent) being the mode of choice, followed by debit cards (51 per cent) and UPI (40 per cent), RAI said.

As many as 21 per cent of respondents indicated that they would opt for EMI or pay later schemes when shopping, indicating the emergence of a new trend, it added.



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