Bank Holidays In August 2023: Banks Will Be Closed For 14 Days In August, Check Full State-Wise Bank Holidays List

After the list of July 2023 bank holidays, it's time for the eighth month of 2023, and with it comes a new set of bank holidays.

Banks will be shut for 14 days in August 2023 including 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 respective state governments.

List of Holidays in August 2023 | Photo: Indiatimes

The month of August observes 14 bank holidays - the first holiday starts from Tendong Lho Rum Faat on Tuesday, August 08, and other holidays like Independence Day on Tuesday, August 15 will be observed holidays which are applicable to all banks in India except some states.

Most Indian banks¡¯ functions are regulated by the Reserve Bank of India, and banking schedules and holidays are also governed by the Reserve Bank of India (RBI) regulations. Public sector banks and private sector banks both are not working on Sundays and on second and fourth Saturdays.

Bank holidays in India come in a variety of flavours -- it's a mix of mandated holidays by the banking sector, plus a whole set of festive and commemorative holidays authorised by various states.

In August 2023, there are only 14 days when many private and public sector banks will remain closed due to bank holidays including weekends. Banks will be shut for 14 days in August 2023 including the second and fourth Saturdays and Sundays as per the Reserve Bank of India (RBI) guidelines.

However, 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 in August vary from state to state as holidays are determined keeping in mind the local festivals.

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.

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 bank holidays on August 08, 15, 16, 18, 28, 29, 30 and 31. Apart from this, there are four Sundays in August falling on August 6,13,20 and 27 also on the second and fourth Saturdays on August 12 and 26.

According to the Reserve Bank's calendar, apart from the weekends, there are 8 bank holidays in August. The central government divided the holidays into three categories, under the Negotiable Instruments Act, of 1881.

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

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

(Please note that the below list includes the general bank holidays and State-specific holidays may vary for the month of August 2023, and it is advisable to check with your local bank branch for any additional holidays that may apply.)

1. August 06, 2023 (Sunday) - Weekend Holiday

Banks across the country will be closed on their weekly off on Sunday, 06 August 2023.

2. August 08, 2023 (Tuesday) - Tendong Lho Rum Faat

Banks will be closed on the occasion of Tendong Lho Rum Faat in Sikkim on Tuesday, August 08, 2023.

3. August 12, 2023 ( Saturday) : Second Saturday

All the banks across the country remain closed on the second Saturday of the month on 12 August 2023.

4. August 13, 2023 (Sunday): Weekend Holiday

Banks across the country will be closed on their weekly off on Sunday, 13 August 2023.

5. August 15, 2023 (Tuesday) - Independence Day

Banks across the country remain shut on the occasion of Independence Day on Tuesday, 15 August, 2023.

6. August 16, 2023 (Wednesday) - Parsi New Year (Shahenshahi )

Banks will be closed in Maharashtra on the occasion of the Parsi New Year on Wednesday, 16 August 2023.

7. August 18, 2023 (Friday) - Tithi of Srimanta Sankardeva

Banks across Assam will be closed due to Tithi of Srimanta Sankardeva on Friday, 18 August, 2023.

8. August 20, 2023 (Sunday) - Weekend Holiday

Banks across the country will be closed on their weekly off on Sunday, 20 August 2023.

9. August 26, 2023 (Saturday) - Fourth Saturday

All the banks across the country remain closed on the fourth Saturday of the month on 26 August 2023.

10. August 27, 2023 (Sunday) - Weekend Holiday

Banks across the country will be closed on their weekly off on Sunday, 27 August 2023.

11. August 28, 2023 (Monday) - First Onam

Banks will be closed in Kerala due to First Onam on Monday, 28 August 2023.

12. August 29, 2023 (Tuesday) - Thiruvonam

Banks will be shut in Kerala on Tuesday, 29 August 2023 due to Thiruvonam.

13. August 30, 2023 (Wednesday) - Raksha Bandhan

Banks will shut in Rajasthan and Himachal Pradesh on the celebration of Raksha Bandhan on Wednesday, 30 August 2023.

14. August 31, 2023 (Thursday) - Raksha Bandhan/Sree Narayana Guru Jayanthi/Pang-Lhabsol

Banks remain shut in Uttarakhand, Uttar Pradesh, Kerala, and Sikkim due to Raksha Bandhan/Sree Narayana Guru Jayanthi/Pang-Lhabsol.

List Of Important Events in August 2023 in India:

1. Tendong Lho Rum Faat - 08 August 2023

Tendong Lho Rum Faat is a three-day festival celebrated by the Lepcha people of Sikkim. It is held in the third month of the Tibetan Lunar Calendar, which usually falls in August. The festival commemorates the day when the Lepcha ancestors were saved from a great deluge by Tendong Hill. During the festival, people make a model of the mountain in their homes and worship it. They also dance, sing, and wear traditional masks. The festival is a celebration of life and a way to honor the sacred Tendong Hill.

2. Indian Independence Day - 15 August 2023

Indian Independence Day is a national holiday celebrated on August 15th each year. It commemorates the day in 1947 when India gained independence from British rule. The day is marked by flag-hoisting ceremonies, parades, cultural performances, and patriotic speeches. It is a time for Indians to celebrate their freedom and to remember the sacrifices of those who fought for independence.

3. Parsi New Year - 16 August 2023

Parsi New Year, also known as Navroz, is a festival celebrated by the Parsi community in India. It marks the beginning of the new year according to the Shahenshahi calendar, which is based on the Zoroastrian calendar. Navroz is celebrated on August 16 in India, and it is a time for renewal, celebration, and new beginnings. People clean their homes, wear new clothes, and visit fire temples to offer prayers. They also exchange gifts and feast on traditional foods. Navroz is a time for families and friends to come together and celebrate the start of a new year.

4. Tithi of Srimanta Sankardeva - August 18, 2023

Tithi of Srimanta Sankardeva is a regional public holiday in the north-eastern Indian state of Assam. It is celebrated in the month of Bhadra, which falls in August or September in the Western calendar. The day marks the death anniversary of Srimanta Sankardeva, a 16th-century saint, scholar, and social reformer. He is considered to be one of the most important figures in Assamese culture and history. On Tithi of Srimanta Sankardeva, people gather at Satras (Vaishnavite monasteries) and Namghars (Vaishnavite prayer halls) to offer prayers and sing devotional songs. The day is also a time for reflection on Sankardeva's teachings and his contributions to Assamese society.

5. First Onam - August 28, 2023

The first Onam in India is believed to have been celebrated in the 13th century CE. The festival is a harvest festival that celebrates the return of the legendary King Mahabali to Kerala. Onam is a 10-day festival that is celebrated with a variety of festivities, including boat races, traditional dances, and feasts. The first Onam in India was a time of great celebration, as it marked the beginning of a new era of peace and prosperity for the people of Kerala.

6. Thiruvonam - August 29, 2023

Thiruvonam is the most important day of the Onam festival, which is celebrated by Keralites all over the world. It is believed that on this day, the legendary King Mahabali visits his people from the netherworld. The celebrations include elaborate flower carpets (pookalam), traditional games and dances, and a feast called onasadya. Thiruvonam is a time for families to come together and celebrate the harvest and the spirit of goodwill.

7. Raksha Bandhan - August 30, 2023

Raksha Bandhan is a Hindu festival celebrated on the full moon day of the Shravan month. On this day, sisters tie a rakhi (sacred thread) on their brothers' wrists, and the brothers promise to protect their sisters. The festival is a symbol of the love and bond between siblings. It is also a time for families to come together and celebrate.

8. Sree Narayana Guru Jayanthi - 31 August 2023

Sree Narayana Guru Jayanthi is a religious and cultural festival celebrated in Kerala, India, to commemorate the birth of Sree Narayana Guru, a philosopher, spiritual leader, and social reformer. On this day, people gather at Guru's temples and other religious institutions to offer prayers and tributes. They also participate in cultural events such as music, dance, and drama. Sree Narayana Guru Jayanthi is a time to celebrate Guru's life and work, and to reflect on his teachings of spiritual enlightenment and social equality.

9. Pang-Lhabsol - 31 August 2023

Pang Lhabsol is a festival celebrated in Sikkim to offer respect and homage to Mount Kanchenjunga, the third-highest mountain in the world. It also commemorates the Treaty of Brotherhood between the Lepcha and Bhutia tribes, signifying the unity of the Sikkimese people.

The festival is celebrated over a period of three days, during which time there are a variety of traditional rituals, dances, and prayers performed by monks and lamas. One of the most popular events is the Pang-Toed Chaam, a special dance that is performed to invoke the blessings of Mount Kanchenjunga.

Pang Lhabsol is a time for the Sikkimese people to come together and celebrate their culture and heritage. It is also a time to reflect on the importance of unity and brotherhood.

Types of holidays in India:

There are two types of holidays observed in India, National Holidays and Government Holidays.

National holidays

- National Holidays (Gazetted holidays)which include Republic Day, Independence Day, Mahatma Gandhi Jayanti. On National holidays banks, schools, government offices, and other types of private sectors remain shut across the country.

Government holidays

- Government holidays in India are classified into two types: state government bank holidays and central government bank holidays. State government bank holidays are observed only in the respective state, while central government bank holidays are observed across the country. For example, Himachal Day is a bank holiday in Himachal Pradesh, but it is not a bank holiday in other states. Similarly, Onam is a bank holiday in Kerala, but it is not a bank holiday in other states. On the other hand, Republic Day, Independence Day, and Gandhi Jayanti are all central government bank holidays that are observed across the country.

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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