India is all set for its new budget for the upcoming fiscal year. The country's finance minister, Nirmala Sitharaman, will be delivering her record 8th budget speech on Saturday, February 1.

Are Banks Open On Budget Day?

The Indian indices will also remain open on February 1, Saturday. As we move closer to D-day, a question has come to many minds. Are banks open on this day?

The simple answer to the question is yes, banks will be open this Saturday. This would be the first Saturday of the month of February.

This would allow citizens, primarily employed citizens to use their week-off to carry out important bank-related activities, without having to take an holiday.

The service industry employs a sizable portion of the Indian labour population, and many of the companies that use them have 5- and 6-day workweeks.

In a nation like India, which has a rich and varied realm in place, the banking system is the foundation of the economic system and is at the core of both micro and macro elements.

Strong and sizable public sector banks coexist with profitable private banking businesses throughout the nation.

The other holidays in the month of February include February 08 and February 22, both are bank holidays for Second and fourth Saturday respectively.

What Can Consumers in Need Do?

Unless bank customers or account holders are specifically informed otherwise, all banks are open for virtual business on weekends and other holidays and are accessible through their mobile banking apps and internet websites for cash emergencies.

One can also take out cash from any bank's ATM. In case of emergencies, it is advisable to communicate with the bank and reach out to customer care.

Services like ATM, UPIs and other virtual means of transactions are not expected to be affected, unless banks inform their customers otherwise, for maintenance or security-related reasons.

Moreover, IMPS and NEFT services are also available for fund transfers and other financial transactions.