Bank Holidays, February 2023: Banks Will Remain Closed For 10 Days This Month; Full List Here

Earlier we shared a list of bank holidays in?January 2023. Now that February--the second month of the new year--is here, there's a new set of bank holidays to take note of.

In February 2023, there are only 10 days when many private and public sector banks will remain closed due to bank holidays?including weekends.?Banks will be shut for 10 days in February 2023?including the second and fourth Saturdays and Sundays as per the?Reserve Bank of India (RBI) guidelines.?

Banks will be closed on all public holidays with some regional holidays, depending on the particular state. Regional holidays are decided by the respective state governments; they are not mentioned on RBI's official website.?

Reuters

The month of February 2023 observes 10 bank holidays and the first holiday starts from the?Lui-Ngai-Ni festival on 15th February and other holidays like Mahashivratri on 18th February banks will be observed holidays which are applicable to all banks in India except some states.

People will not face any problems with bank-related work as holidays are not frequent or are at short intervals; ATMs, cash deposits, online banking and mobile banking will continue to function. These holidays may vary from state to state as holidays are determined keeping in mind the local festivals.

According to RBI guidelines, banks are closed on Sundays as well as on the second and fourth Saturdays of the month. Under the Negotiable Instruments Act, RBI has declared holidays on February 15, 18, 20 and 21. Apart from this, there are four Sundays in the month falling on February 5,12,19, and 26, and also on the second and fourth Saturdays on February 11 and 25.

According to the Reserve Bank's calendar, apart from the weekends, there are four bank holidays in February. The central government divided the holidays into three categories, under the Negotiable Instruments Act, 1881.

Those who have to complete important work related to the bank in February, should see the list of holidays and plan their work in advance.

Check out the state-wise list of bank holidays in February 2023:?

1. February 5 (Sunday) - Weekly Off

Banks will remain closed across the country on February 5 due to weekly off.

2. February 11 (Second Saturday) - Second Saturday of the month

Banks will be closed across the nation on February 11 due to second Saturday of the month.

3. February 12 (Sunday) - Weekend Holiday

On February 12 banks will be closed across the country due to weekly off.

4. February 15 (Wednesday) - Lui-Ngai-Ni

Banks will remain closed in Manipur on the occasion of Lui-Ngai-Ni festival. Lui Ngai Ni is the seed-sowing festival celebrated by the Naga tribes of Manipur.

5. February 18 (Saturday) - Mahashivratri

BCCL

On the occasion of Mahashivratri, banks will remain shut in most of the part in the country except Delhi, Manipur, Assam, Rajasthan, Bengal, Bihar, Tripura, Mizoram, Chandigarh, Tamil Nadu, Sikkim and Meghalaya. Mahashivratri is one of the most auspicious Hindu festivals celebrated in honour of Lord Shiva. Devotees who worship Lord Shiva and Mata Parvati?wait?eagerly for Mahashivratri. This festival is celebrated on the occasion of the marriage of Lord Shiva and goddess Parvati.?

6. February 19 (Sunday) - Weekly off

Banks will be closed across the country on February 19, 2023, since it's Sunday.

7. February 20 (Monday) - State Day

Banks will be closed on February 20 2023, in Mizoram on the occasion of State Day. On this day in 1987 formalization of Mizoram State took place. Chief Secretary Lalkhama read out the proclamation of statehood at a public meeting organised at Aizawl's Parade Ground. Prime Minister Rajiv Gandhi flew to Aizawl to inaugurate the new state. Hiteshwar Saikia was appointed as Governor of Mizoram.

8. February 21 (Tuesday) - Losar festival

Banks will remain closed in Sikkim on February 21 2023 on the occasion of Losar. The Losar festival begins on the first day of the year according to the Tibetan calendar lunisolar and this festival lasts for 15 days, the first three days of this festival are very special. According to old traditions, family members visit the graves of the dead in their homes and pray for the peace of their souls. On the third day, there is a wait to see the moon. The first three gins are very special at this festival.

9. February 25 (Saturday) - Fourth Saturday

All the banks in the country remain closed on the fourth Saturday of the month on 25 February 2023.

10. February 26 (Sunday) - Weekly Off

Banks across the country will be closed on their weekly off on Sunday, 26 February 2022.

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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