Eid-e-Milad holiday changed to Sept 8: Stock markets, banks open in Maharashtra today

The Reserve Bank of India has shifted the public bank holiday in Maharashtra for Eid-e-Milad from September 5 to September 8, following a state government decision to avoid a clash with Ganpati immersion processions.

In a notification, the RBI confirmed that all financial market operations—including transactions in government securities, foreign exchange, money markets, and rupee interest rate derivatives—will remain open on September 5 and will now be suspended on September 8 in observance of the revised holiday.

The revision comes after Maharashtra’s General Administration Department declared a change in the Eid-e-Milad holiday date for Mumbai and its suburbs. The shift was prompted by a decision from the Muslim community to hold processions on September 8 instead, ensuring smooth coordination with Anant Chaturdashi festivities on September 6.

As a result of the update, all financial settlements due on Monday, September 8, will be postponed to Tuesday, September 9, the RBI noted. Additionally, any SDF and MSF bids placed on September 4 will be reversed on September 5. These liquidity windows will continue to operate normally on all other days, the central bank clarified.

The holiday listed earlier for September 5 has been cancelled for financial markets, which will now function as usual on that date. However, the September 5 holiday will still apply in districts outside Mumbai and its suburbs, as per the state government’s circular.

The coordination between religious observances and state administrative planning underscores the complexity of managing public holidays in a diverse state like Maharashtra. The RBI’s prompt revision ensures financial market stability amid the schedule change.