Bank Holidays In Maharashtra In 2023: Banks Will Remain Closed For 100 Days

It is important to be aware of a number of significant bank holidays in 2023. A number of bank holidays are observed in certain states, and others are observed across the country by the state governments, the central government, and the union territories under the Negotiable Instruments Act of 1881.?

Republic Day (January 26), Independence Day (August 15), and Gandhi Jayanti (October 2) are all national holidays in India, where banks across the country will be closed. Banks across most states will also be closed on festivals such as Holi, Good Friday, Diwali, Christmas, Eid, and others. Apart from holidays, banks will also be closed on the second and fourth Saturdays of the month and every Sunday. In case any month comes with five Saturdays, the fifth Saturday will be a working day for the bank.?

According to the Reserve Bank of India's calendar, apart from the weekend, there are national holidays throughout the year. Under the Negotiable Instruments Act, 1881, the central government divided the holidays into three categories: those under the Negotiable Instruments Act, real-time gross settlement holidays, and banks’ closing of accounts.

BCCL/Representational Image

Apart from the below-mentioned bank holidays declared by the state governments, the central government and the union territories, banks all across?Maharashtra?also remain shut on the second Saturday, fourth Saturday, and all Sundays of each month. However, if a month has five Saturdays, banks will be closed on the fourth Saturday and open on the fifth Saturday.??

Let’s check the month-wise bank holidays list of Maharashtra in 2023:

Bank employees may soon work a five-day week

Bank employees across the country are likely to get a 5-day work week soon. The Indian Banks Association (IBA) and United Forum of Bank Unions (UFBU) has proposed a 5-day work week for bank employees, and the finance ministry has said that it has no objection to the proposal. The IBA has said that the 5-day work week will be implemented in phases, and that it could be in place by the end of 2023.

According to CNBC, in a notification dated July 19, UFBU said the issue of a 5-day work week was under ‘active’ consideration of stakeholders.

“IBA informed that the issue is under active consideration of various stakeholders and the same is being pursued. We asked the IBA to expedite the same so that 5 banking days per week is introduced without further delay,” the notification stated.

Currently, the bank employees get off on the first and fourth Saturday. The demand caught hold since the government implemented the rule of five working days in the Life Insurance Corporation of India (LIC). Under the proposed 5-day work week, bank employees will work for an additional 40 minutes each day. This means that they will work from 9:45 am to 5:30 pm, Monday to Friday. Saturdays will be a holiday for all bank employees.

The 5-day work week has been a long-standing demand of bank unions. They have argued that it will improve the work-life balance of bank employees and make it easier for them to attend to personal and family commitments.?

However, Online bank services such as - Internet Banking, Mobile banking, etc, and ATM machines and Bank Kisoks will remain on working.

The implementation of the 5-day work week for bank employees is still pending final approval from the government. However, it is likely to be implemented in the near future. This will be a welcome change for bank employees, who have been working on alternating Saturdays for many years.

Here is the complete list of Bank Holidays in 2023:

Bank Holidays 2023 in India state-wise:

Bank Holidays 2023 month-wise

As per the RBI rules, there are three categorised holidays and they are as follows:

1. Holiday under the Negotiable Instruments Act

2. Holiday under the Negotiable Instruments Act and Real-Time Gross Settlement Holiday

3. Banks' Closing of Accounts

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