Bank Holidays In May 2024: Banks Will Be Closed For 13 Days, Check Complete List Here
List Of Bank Holidays In May 2024: In India, banks usually shut down on public holidays, including national and state-specific holidays. National holidays like Republic Day (January 26), Independence Day (August 15), and Gandhi Jayanti (October 2) mean banks observed holidays across the country. Also, festivals such as Diwali, Christmas, Eid, Guru Nanak Jayanthi, Good Friday, and others are considered bank holidays. Additionally, the second and fourth Saturdays and all the Sundays of every month are marked as holidays too.
Earlier we shared a list of bank holidays in April 2024. Now that May the fifth month of 2014 is approaching, there's a new set of bank holidays to take note of. In May 2024, banks will be closed for 13 days but not in all the states or regions. These include the second and fourth Saturdays and Sundays, public holidays, and some regional holidays. The holidays are decided by the Reserve Bank of India (RBI) and the respective state governments.?
Despite bank observed holidays, services like Internet banking and ATMs will be operational during these holidays.
The first holiday in May 2024 starts from the Maharashtra Din/May Day (Labour Day) on May 1st, and other holidays like Buddha Pournima which will be celebrated on May 23 and also due to the ongoing Lok Sabha Election 2024, so banks will be observed holidays which apply to all banks in India except some states. 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 April 1, 7, 8, 10, 13, 16, 20, 23 and 25 (which is also the second Saturday of the month) Apart from this, there are four Sundays in the month falling on April 5,12,19, and 26, and also on the second and fourth Saturdays on May 11 and 25.
According to the Reserve Bank's calendar, apart from the weekends, there are nine bank holidays in May 2024. Everyone should plan any important bank-related work, taking into consideration the holiday schedule.
Here's a State-wise List Of Bank Holidays in May 2024:
1. May 1, Wednesday - Maharashtra Din/May Day (Labour Day)
Banks will be closed in Maharashtra, Karnataka, Tamil Nadu, Assam, Telangana, Manipur, Kerala, West Bengal, Goa, Andaman And Nicobar Islands and Bihar.
2. May 5, Sunday: Weekend
Banks will be closed across the country
3. May 7, Tuesday - Lok Sabha General Elections 2024
Banks remain shut in Gujarat, Madhya Pradesh, and Goa.
4. May 8, Wednesday - Birthday of Rabindranath Tagore
Banks observed a holiday in West Bengal
5. May 10, Friday - Basava Jayanti/Akshaya Tritiya
Banks will be shut in Karnataka.
6. May 12, Sunday: Weekend
Banks will be closed across the country
7. May 13, Monday - Lok Sabha General Elections 2024
Banks will be closed in Srinagar
8. May 16, Thursday - State Day
Banks remain closed in Sikkim.
9. May 19, Sunday: Weekend
Banks will be closed across the country
10. May 20, Monday - Lok Sabha General Elections 2024
Banks will be shut in Belapur, Mumbai
11. May 23, Thursday - Buddha Pournima
Banks remain closed across the country except, Gujarat, Karnataka, Tamil Nadu, Sikkim, Assam, Telangana, Manipur, Rajasthan, Kerala, Nagaland, Goa, Bihar, Meghalaya
12. May 25, Saturday - Nazrul Jayanti/Lok Sabha General Elections 2024/Second Saturday
Banks observed holidays across the country due second Saturday
13. May 26, Sunday: Weekend
Banks will be closed across the country
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
Are Banks In India Set To Switch To Five Days Working?
The All India Bank Officers' Confederation announced in a press statement that discussions between the Indian Banks Association and the Confederation had successfully wrapped up, resulting in the signing of the 9th Joint Note on March 8, 2024.
According to the press release, “The Joint Note recognizes that all Saturdays will be considered holidays, once the government officially confirms it. The new working hours will start once the government gives its approval.”
They've also agreed on a 17% increase in annual salaries, which will mean an extra yearly spending of about Rs 8,284 crore for public sector banks. This salary increase, effective from November 2022, is expected to benefit up to 800,000 bank workers.
This change will only happen if the government gives its nod. If approved, all Saturdays will officially be declared holidays under Section 25 of the Negotiable Instruments Act, and the government will have to declare every Saturday a holiday.
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Although the details aren't completely clear yet, some reports suggest that bank employees will work an extra 40 minutes per day, from 9:45 a.m. to 5:30 p.m.
According to the All India Bank Officers' Confederation press release, The total increase in wage revision (Payslip component) is more than Rs. 8284 crores, which is 17% of the cost of Payslip component of establishment expenses of Public Sector Banks. With an additional load of 3.22%, the effective load on the basic pay post-merger of dearness allowance @30.38% is 4.20%. The new pay scales range from Rs. 48480/- to Rs. 173860/-, covering all scales from Scale I to VII, effective from 01.11.2022.
Important Days and Festivals In March 2024
In May 2024, there are many holidays, which means it's a good time to take a break from your usual routine. You can plan your trip ahead with the holidays listed below:
- May Day: This national holiday is also known as International Labour Day or Antarrashtriya Shramik Diwas. It remembers the Haymarket incident in Chicago on May 4, 1886, which is linked to movements for workers' rights.
- Maharashtra Day: This day celebrates the founding of Maharashtra State in 1960. The governor gives a speech at Shivaji Park, and the state government announces new plans.
- Gujarat Day: Gujarat became a state on May 1st, 1960. The day is observed with official events across the state, including a big one in Ahmedabad at the Sabarmati shoreline. The government announces new plans for the people.
- Buddha Purnima: This festival celebrates the birth of Lord Buddha. It happens on the full moon day of the Hindu month of Vaisakh. A big fair is held at Sarnath, where Buddha gave his first sermon.
- Birth anniversary of Rabindra Nath Tagore: This day commemorates the birthday of the famous Bengali poet, musician, and artist Rabindra Nath Tagore. Cultural activities are held in his honor at various places.
- State Day: Sikkim became India's 22nd state, and this day celebrates that event. The state government organizes programs and gives out awards to those who have contributed to Sikkim's development.
- Birthday of Kazi Nazrul Islam: This day honors the Bengali poet, musician, writer, and revolutionary Kazi Nazrul Islam. Cultural events are held to celebrate his birth anniversary.
Important Days And Events In May 2024 In India
May 01 – International Labour Day
International Labour Day, also known as Labour Day or May Day, is observed worldwide on May 1st annually. In India, it is recognized as Antarrashtriya Shramik Diwas or Kamgar Din. This day commemorates the historic struggles and achievements of the labour movement, advocating for workers’ rights and better working conditions. It originated from the Haymarket affair in Chicago in 1886, where workers protested for an eight-hour workday, leading to widespread recognition of the importance of labour rights.
May 02 – World Tuna Day
World Tuna Day, observed on May 2nd each year, highlights the significance of tuna as a vital marine resource and the need for its sustainable management. It aims to raise awareness about the importance of tuna fisheries for economies, livelihoods, and food security worldwide. This day emphasizes the conservation and responsible use of tuna stocks to ensure their long-term viability.
May 03 – World Press Freedom Day
On May 3rd, World Press Freedom Day honours journalists who have sacrificed their lives in the line of duty and assesses the state of press freedom globally. This observance underscores the importance of a free press in upholding democracy and highlights the need to safeguard journalists’ rights to report without fear or censorship.
May 05 – World Portuguese Language Day
World Portuguese Language Day, celebrated on May 5th annually, recognizes the cultural and linguistic significance of the Portuguese language worldwide. It promotes linguistic diversity and celebrates the rich heritage, literature, and contributions of Portuguese-speaking communities. This day serves as a platform to foster dialogue, exchange, and appreciation for the Portuguese language and its global impact.
May 10 – International Day of Argania
The International Day of Argania, observed on May 10th, acknowledges the cultural, ecological, and economic importance of the Argan tree (Argania spinosa) and its ecosystem in Morocco. This day raises awareness about the conservation of the Argan forest, promotes sustainable practices for Argan oil production, and recognizes its role in supporting local communities’ livelihoods and biodiversity conservation efforts.
May 11 – World Migratory Bird Day
World Migratory Bird Day, observed on May 11th, highlights the importance of conserving migratory birds and their habitats. It raises awareness about the threats facing migratory bird populations, including habitat loss, climate change, pollution, and illegal hunting. This day promotes international cooperation to protect migratory birds and ensures their conservation for future generations.
May 12 - Mother's Day (Second Sunday)
Mother's Day is a special occasion celebrated to honor and appreciate mothers and motherhood. It is typically observed on the second Sunday in May in many countries around the world. On this day, people express their love, gratitude, and appreciation for their mothers and maternal figures through various gestures such as giving cards, flowers, gifts, or spending quality time together. It's a time to recognize the sacrifices mothers make and the unconditional love they provide to their children.
May 12 – International Day of Plant Health
The International Day of Plant Health, observed on May 12th, aims to raise awareness about the importance of plant health for food security, environmental sustainability, and economic development. This day emphasizes the need for global cooperation in preventing the spread of plant pests and diseases, promoting responsible trade practices, and ensuring the health and resilience of plant ecosystems worldwide.
May 15 – International Day of Families
Celebrated annually on May 15th, the International Day of Families raises awareness about the essential role of families as the cornerstone of society. It focuses on addressing various challenges and promoting the well-being of families worldwide. This observance highlights the importance of fostering strong family bonds and supporting initiatives that enhance family cohesion and resilience.
May 16 – International Day of Living Together in Peace
The International Day of Living Together in Peace, observed on May 16th, promotes harmony, tolerance, and understanding among diverse communities. This day emphasizes the importance of fostering peaceful coexistence and mutual respect, regardless of race, religion, or ethnicity. It encourages individuals and societies to embrace diversity, resolve conflicts peacefully, and build inclusive communities based on mutual understanding and cooperation.
May 16 – International Day of Light
The International Day of Light, observed on May 16th, celebrates the role of light in science, culture, and sustainable development. It highlights the importance of light-based technologies in addressing global challenges such as energy, education, and health. This day promotes awareness about the significance of light and its applications in advancing human progress and improving quality of life.
May 17 - World Hypertension Day
World Hypertension Day is observed on May 17th each year. World Hypertension Day is an annual event observed on May 17th. It aims to raise awareness about hypertension, also known as high blood pressure, and its impact on global health.?
May 17 – World Telecommunication and Information Society Day
World Telecommunication and Information Society Day, observed on May 17th, recognizes the role of information and communication technologies (ICTs) in advancing socio-economic development. It aims to bridge the digital divide, promote ICT accessibility, and foster innovation in telecommunication and information systems. This day underscores the importance of harnessing technology to create inclusive societies and achieve sustainable development goals globally.
May 20 – World Bee Day
World Bee Day, observed on May 20th, highlights the critical role of bees and other pollinators in maintaining biodiversity and food security. It raises awareness about the importance of conserving bee populations and their habitats. This day promotes sustainable beekeeping practices and encourages efforts to address the threats facing bees, such as habitat loss, pesticide use, and climate change.
May 21 – International Tea Day
International Tea Day, observed on May 21st, celebrates the cultural significance and economic importance of tea worldwide. It promotes sustainable tea production and consumption practices, supports tea workers’ rights, and raises awareness about the health benefits of tea. This day fosters dialogue and collaboration among tea-producing countries to ensure a fair and thriving tea industry for generations to come.
May 21 – World Day for Cultural Diversity for Dialogue and Development
The World Day for Cultural Diversity for Dialogue and Development, observed on May 21st, celebrates the richness of cultural diversity and promotes intercultural dialogue. It emphasizes the role of cultural exchange in fostering peace, social cohesion, and sustainable development. This day encourages respect for cultural differences and promotes inclusive policies that harness the benefits of cultural diversity for global progress.
May 22 – International Day for Biological Diversity
The International Day for Biological Diversity, observed annually on May 22nd, aims to raise awareness and foster understanding of biodiversity-related issues. This day highlights the importance of conserving and sustaining diverse ecosystems and species. It emphasizes the critical role of biodiversity in supporting human well-being, ecological balance, and sustainable development, promoting efforts to protect and preserve biodiversity for future generations.
May 23 – Vesak, the Day of the Full Moon
Gautama Buddha, also known as the ‘Light of Asia’, was born in Lumbini near Kapilavastu on the full moon of the month of Vaishakh. Celebrated on May 23rd, Buddha Jayanti or Buddha Purnima commemorates his birth, enlightenment, and passing. This significant day is marked by reverence, meditation, and acts of compassion worldwide.
May 23 – International Day to End Obstetric Fistula
The International Day to End Obstetric Fistula, observed on May 23rd, raises awareness about this childbirth injury and its prevention. It emphasizes access to maternal healthcare, skilled birth attendance, and surgical interventions to eradicate obstetric fistula. This day advocates for the rights and dignity of affected women, aiming to end this preventable and treatable condition globally.
May 23 - Buddha Purnima
One of the most important festivals of the Buddhist community is Buddha Purnima. This year, the birth anniversary of Gautama Buddha will be observed on May 23.
May 24 - National Brother's Day
National Brother's Day is celebrated on May 24th every year. In 2024 National Brother's Day will occur on a Friday.
May 25-31 – Week of Solidarity with the Peoples of Non-Self-Governing Territories
The Week of Solidarity with the Peoples of Non-Self-Governing Territories, observed from May 25th to 31st, underscores support for the decolonization process. It highlights the rights and aspirations of populations in territories under colonial rule, promoting international cooperation and solidarity towards achieving their self-determination and independence. This week advocates for the fulfillment of their political, economic, and social rights.
May 29 – International Day of UN Peacekeepers
The International Day of UN Peacekeepers, observed on May 29th, honors the dedication and sacrifice of peacekeepers worldwide. It commemorates their efforts in maintaining peace and security in conflict zones, protecting civilians, and promoting stability. This day pays tribute to peacekeepers’ contributions to peacebuilding and underscores the importance of UN peacekeeping missions in fostering global peace and security.
May 30 – International Day of Potato
The International Day of Potato, observed on May 30th, recognizes the importance of the potato as a staple food worldwide. It highlights the potato’s nutritional value, versatility in agriculture, and role in food security. This day promotes sustainable potato production, consumption, and research to address global hunger, poverty, and malnutrition challenges.
May 30 - Goa Statehood Day
Goa Statehood Day is observed to commemorate the day when Goa attained statehood status. It marks the anniversary of Goa becoming a full-fledged state in India. It was initially administered as a Union Territory and later became the 25th State of the Indian Union when it was conferred Statehood on May 30, 1987.
May 31 – World No-Tobacco Day
World No-Tobacco Day, observed on May 31st, raises awareness about the health risks associated with tobacco use and advocates for tobacco control policies. It aims to reduce tobacco consumption, prevent tobacco-related diseases, and promote a smoke-free environment. This day encourages individuals and communities to quit smoking and supports efforts to implement effective tobacco control measures worldwide.
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