India, June 26 -- Today banks will remain shut in 15 states of India on account of Muharram. In the Hijri calendar, this month marks the start of the Islamic New Year.

What is Muharram?

Muharram which literally means 'forbidden' in Arabic is one of the most important months on the Islamic calendar. It is meant to be a time of remembrance and devotion. The occasion is observed by mainly the Shia sect of Muslims.

Muharram Bank Holiday Update: Importance of 26 June

26th June marks the onset of Ashura, the 10th day of the Muharram month, in India. On this day, Shia Muslims, commemorate the martyrdom of Imam Hussain at Karbala in 680 CE and Sunni Muslims observe it as the day Allah saved Prophet Musa (Moses) and the Israelites from Pharaoh...