Bank holiday for religious event draws protests
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Declaration of Jan 22 as a holiday for banks and financial institutions has drawn protests from bank unions as it is for a religious event and not a state function.
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RBI has postponed transactions and settlements in various financial markets to Jan 23 due to the holiday.
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Bank union BEFI protested that the holiday goes against India's secular status and urged withdrawal of the order.
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Former Finance Secretary S C Garg said such a notification requires closing of all establishments, including RBI.
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RBI has also postponed and cancelled some scheduled auctions and transactions in financial markets due to the Jan 22 holiday.