When the bank you love closed: You’ll miss your savings
The banks of Delhi, Mumbai, Chennai and Kolkata have closed down.
They all closed at different times over the past few weeks, with some banks closing for good in the middle of the day while others will reopen later in the day.
The Bank of Baroda, the world’s second largest bank, has closed for good.
Rajasthan Bank has also closed for the third time in the last two months.
Other banks that closed down or closed for maintenance include Raghuram Rajan Bank, BNY Mellon, Axis Bank and ICICI Bank.
But some are still open, including State Bank of India, National Bank of China, National Commercial Bank of Pakistan and Indian Commercial Bank.
Bank of Barodas offices in Mumbai, India, March 2, 2020.
In contrast, some of the other major banks are still functioning.
Bank of Delhi has opened the doors to its branch, and will reopen the next day.
India’s second biggest bank, Bank of Maharashtra, opened its doors to all branches on Friday morning.
It is expected that the other banks will reopen on Monday, and it is likely that the nationalised banks will close in the coming weeks.
The nationalised lenders are among the biggest borrowers of foreign currency.
According to the RBI, the government of India has not yet approved the loan application for the remaining banks.
The RBI’s statement added that the central bank has also not yet received the application of the remaining RBI lenders.
While some of these banks have opened up for a limited period, some have been closed for a longer period.
For instance, the Bank of Bombay is now closed for nine months, and its branch will reopen in the next 24 hours.
The Bank Pune is also open for commercial banks to open on Monday.
Also read:The Indian Government is not yet ready to approve the loan for the banks that will close and reopened.
A total of five banks are open for business on Monday and will be open for further transactions.
At present, all the nationalized banks are in the process of being privatised, with the banks getting nationalised under the Reserve Bank of the RBI Act, 1947.
However, the process is likely to take longer, as the government is yet to finalise the list of banks to be privatised.