A three-day long weekend of banks is going to start from this Saturday. Budh Purnima is a holiday on 16 May (Monday). A day before that, on Sunday, the banks are closed in the same way. Banks will remain closed due to the second Saturday before Sunday, May 14.
New Delhi. A three-day long weekend of banks is going to start from this Saturday. In the month of May, banks are getting a total of 11 holidays. Almost half a month has passed and half is yet to come. So it is important to know why banks will be closed for 3 days from this Saturday.
According to the Reserve Bank of India, banks are going to remain closed on May 16 in many parts of India. This day (Monday) has been given as a holiday for Budh Purnima. A day before that, on Sunday, the banks are closed in the same way. Banks will remain closed due to the second Saturday before Sunday, May 14. Sunday is always a holiday in banks, but every Saturday is not a holiday. Banks work on the first and third Saturdays of the month, while banks are closed on the second and fourth Saturdays.
RBI issues circular
The details of holidays coming every month are issued by the Reserve Bank of India (RBI) every month. The May holidays were divided into three parts. First- Holiday under Negotiable Instruments Act, second- Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday (Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday), and third- Bank Accounts Closing ( Banks’ Closing of Accounts).
Details of total 11 holidays in this month
This month 4 holidays have been given under the Holidays Under Negotiable Instruments Act. Out of total 11 holidays, 5 holidays have been used. These include May 1 (Sunday), May 2 (Eid-ul-Fitr), May 3 (Lord Shri Parshuram Jayanti/Ramadan-Eid (Eid-ul-Fitr)/Baswa Jayanti/Akshay Tritiya), May 8 (Sunday), and May 9. (Rabindranath Tagore Jayanti). Now including Sundays, there are 6 more holidays. May 22 is a Sunday after three consecutive holidays from May 14 to 16. It is followed by the fourth Saturday and Sunday holidays of 28 and 29 respectively.
