Banks are generally shut on all Sundays of every month, while they are operational on the first and third Saturdays of a month, second and fourth Saturdays are holidays for bank employees
With nearly half of the bank holidays been utilised and that two weeks have gone by in May, banks are set to go on a three-day long weekend starting this Saturday. According to the Reserve Bank of India (RBI), banks will be shut on 16 May owing to Buddha Purnima celebrations. Notably, banks across the country have been allowed a total of 11 holidays this month.
Apart from the Buddha Purnima holiday on 16 May, banks will be closed on the second Saturday which is 14 May and on Sunday which is 15 May. This will be the only long weekend remaining for the banks this month.
Bank holiday details are notified by the RBI each month. For May, bank holidays have been segregated into three types with the first one being – Holiday under Negotiable Instruments Act. The other two division include – Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday and Banks’ Closing of Accounts. There are as many as four holidays under the Negotiable Instruments Act this month.
For the unversed, banks are generally shut on all Sundays of every month. While they are operational on the first and third Saturdays of a month, second and fourth Saturdays are holidays for bank employees.
Bank holidays in May
Out of the total 11 holidays in May, banks have already used up 5 holidays. These day offs were on 1 May (Sunday), 2 May (Eid-UI-Fitra), 3 May (Parshuram Jayanti/Ramjan-Eid (Eid-UI-Fitra)/Basava Jayanti/Akshaya Tritiya), 8 May (Sunday) and 9 May (Rabindranath Jayanti).
Banks will next be closed from 14 May to 16 May, then on 22 May (Sunday) and finally from 28 May to 29 May on the fourth weekend.
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