About Bank Closing Day
Banks and financial institutions will not provide services for their clients due to the bank holiday as they will complete their book closures on the day.
Trading at stock exchanges will also remain suspended as their transactions are linked with banks.
The government counts the fiscal year from July 1st to June 30th, while banks observe January 1st to December 31st as their financial year.
Because of this, banks settle accounts by June 30th and December 30th every year and enjoy a bank holiday, on July 1st and December 31st.
