 "RBI, Reserve Bank of India")
Due to Buddha Purnima, the Nazrul Jayanti/2024 General Elections, and the Saturday-Sunday weekend holidays, banks in various states may close for four consecutive days this week. This May 2024, public banks will mark a total of ten holidays, including all non-working Sundays and the second and fourth Saturdays.
Banks in certain states will be shut on May 23 due to Buddha Purnima and on 24th May for Nazrul Jayanti (in certain states), 25th May being the fourth Saturday of the month and 26th May regular Sunday holiday can keep banks shut for 4 days in a row in certain states.
Buddha Purnima 2024: Where will banks be closed?
Banks will be shut in Tripura, Maharashtra, Arunachal Pradesh, Jammu, Uttar Pradesh, Bengal, Mizoram, Madhya Pradesh, Chandigarh, Uttarakhand, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh and Srinagar.
Bank holidays in May 2024
Banks are shut for 14 days in May 2024, according to the Reserve Bank of India (RBI) holiday list. Banks are shut in May for Maharashtra Din/May Day (Labour Day), Birthday of Rabindranath Tagore, Basava Jayanti/Akshaya Tritiya, Lok Sabha General Elections 2024, State Day, Buddha Purnima and Nazrul Jayanti.
Nonetheless, these holidays can change as per various states. RBI denotes specific holidays under the Negotiable Instruments Act, Real-Time Gross Settlement (RTGS) holidays and Banks' Closing of Records.
Also Read
Bank holiday on May 25, 2024
Banks will stay shut on the event of Nazrul Jayanti/Lok Sabha General Elections 2024 (fourth Saturday) in Tripura, Orissa.
Bank holiday on May, 2024: Online services
If you have bank-related work in May, you must check the complete holiday list to avoid any last-minute problem. One should take note of that much of the bank-related work is also possible through mobile or net banking, with the banks having extended many crucial services through online banking.
According to the RBI rules, bank holidays in India fall into three categories:
• Holiday under Negotiable Instruments Act
• Banks’ Closing of Accounts
• Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday.
