Banks to remain shut till August 15; Will ATMs run dry?

Key Highlights:

• Banks will remain shut for four days.
• They will reopen on August 16.
• ATMs are likely to run low on cash.

While bankers in the country enjoy a four day long weekend, people heavily dependent on cash are expected to be impacted. Banks will be closed for business beginning August 12 till August 15 on account of the slew of holidays before Independence Day.

Owing to the four day holiday for banks that will begin from this weekend, ATMs are expected to run low on cash, a report by Zee News said on Friday.

Banks will remain shut on August 12 as it is the second Saturday of the month which is deemed as a bank holiday in India.

This is followed by three more bank holidays –

• Sunday - August 13
• Janmashtami Monday - August 14
• Independence Day - August 15

Banks generally have privatised cash holdings in ATMs however the report added bankers will need to plan stocking of cash carefully owing to the long list of holidays.