Here's The Full List Of Bank Holidays In 2024 In India

Bank Holidays in India: In 2024, India will observe a set of bank holidays, providing citizens with scheduled breaks to celebrate festivals and national events. Key holidays include Republic Day on January 26th, Holi on March 27th, and Independence Day on August 15th. Additionally, Diwali, the Festival of Lights, falls on November 1st. These holidays not only hold cultural significance but also impact banking operations, as financial institutions and offices remain closed. It's advisable for individuals to plan their financial activities accordingly, considering the designated bank holidays throughout the year. These breaks contribute to the rich tapestry of India's cultural and national celebrations.

There are many holidays, like Good Friday, Baisakhi, Muharram, Goverdhan Puja, Dussehra, Durga Puja, and many others, when banks are closed in the country except in several states because these holidays are determined by state governments. Mizoram, for example, has state-specific holidays such as Missionary Day; Manipur has Cheiraoba; Himachal Pradesh has Maharana Pratap Jayanti; and many more. Apart from holidays, banks will also be closed on the second and fourth Saturdays of the month and every Sunday. If any month comes with five Saturdays, the fifth Saturday will be a working day for the bank.

Bank Holidays In 2024 | Photo: Freepik

According to the Reserve Bank'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.

How are bank holidays decided in India?

India is a country full of festivals, with dozens of festivals and occasions celebrated by different religions throughout the year, but not all the festivals and occasions are celebrated by all the people. Central and state governments decide bank holidays in India by working together to recognise the significance of specific occasions for particular communities. National bank holidays are decided by the central government, while bank holidays for local festivals are determined by the state or union territorial governments.

In 2024, Indian banks will be closed on national holidays, also known as gazetted holidays, and certain non-gazetted public holidays.

Here is the complete list of bank holidays in 2024 in India:

List of Second and Fourth Saturday Bank Holidays in 2024:

FAQs:

Q: What is the significance of bank holidays in India?

Bank holidays are days when banks and financial institutions remain closed. These days are observed for various reasons, including religious, cultural, and national significance.

Q: How are bank holidays decided in India?

Bank holidays in India are determined by the Reserve Bank of India (RBI) in consultation with the central government. The list includes both national and state-specific holidays.

Q: What are the types of bank holidays in India?

Bank holidays in India can be classified into three main categories: national holidays, state holidays, and holidays specific to individual banks or regions.

Q: Are all bank holidays observed uniformly across the country?

While national holidays are observed uniformly across the country, state holidays may vary from one state to another. Additionally, certain holidays may be specific to certain regions or communities.

Q: Are there any exceptions to the closure of banking services on holidays?

Essential services such as online banking, mobile banking, and ATMs are available even on bank holidays.

Q: What is the role of the Reserve Bank of India (RBI) in declaring bank holidays?

The RBI is responsible for declaring holidays for banks in India. The central bank takes into account various factors, including cultural, religious, and national events, while finalising the holiday calendar.

Q: Can the bank holiday schedule change during the year?

In certain cases, the holiday schedule may be revised or updated during the year. This can happen due to changes in government policies or the addition of new holidays.

Q: How can individuals stay informed about upcoming bank holidays?

Banks usually publish the annual holiday calendar on their official websites. Additionally, customers can check with their respective banks, use mobile apps, or refer to financial news sources for updated information on bank holidays.

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