Have 1st July Bank Holiday in Pakistan, India, Bangladesh or Not? The three countries which had immense association amongst themselves in the past in Asia are Pakistan, India and Bangladesh. These all three countries were one nation known as sub-continent India before the partition in 1947. After the independence of Pakistan which was at that time West Pakistan and East Pakistan were one nation. After the partition the reserves and the assets were divided in between the two countries Pakistan and India. The bank reserves were also divided in the ratio of 30 % for Pakistan and 70% in India. Once the dues were cleared and Pakistan came into being than the new banking system was being developed in the country which was headed by the State Bank of Pakistan. After completing all the obligations the state bank of Pakistan started its operations and processes on the 1st of July, 1948. This was the day on which the banking system took the responsibility and started their processes on this day and that is why it is considered to be the official 1st July Bank Holiday in Pakistan. For the current year the bank holiday in Pakistan, India and Bangladesh will be celebrated on the 1st of July, 2019 which will be on Monday.
1st July Bank Holiday in Pakistan, India, Bangladesh
Bangladesh was at that time the part of Pakistan so they also celebrated this day and even after the partition of the East and West Pakistan; Bangladeshi continued to observe the 1st July Bank Holiday in Bangladesh every year. The holiday has only been observed in the banks as their employees takes the day off, while other organizations with in the state either governmental or nongovernmental do carry their normal routine processes. Before 1st July the banks do perform their closing which means that they perform the tasks in which their accounts are settled and the report of the fiscal year is being updated, maintained and then finalized. In this process the banking staff do work for 2 or more days continuously in their respective departments of the banks and once the closing is done on the 30th June then the next day is taken off which itself is the bank holiday.
So 1st July has now two reasons for being a bank holiday is the countries like Pakistan and Bangladesh where the first reason is that on this day the State Bank of Pakistan started its operational processes and the other main reason can be to give relief to the bank employees once they get free from the hectic work load on closing. In India the Reserve bank of India also follows the same trend as their fiscal year also gets end on the 30th June and that is why their banking sector which is lead by the Reserve Bank of India also celebrates the1st July Bank Holiday in India every year.