The country’s banks and capital market will remain close today as the new financial year 2020-21 begins.
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 1 to June 30, while banks observe January 1 to December 31 as their financial year.
Because of this, banks settle accounts by June 30 every year and enjoy a holiday, known as bank holiday, on July 1. ♦
