Banks across India are closed on festivals and state-declared public holidays, as per RBI rules.
The Reserve Bank of India (RBI) releases a list of bank holidays every year, which included gazette public holidays and notable festivals. However this list does not include state-wise holidays, depending on the regional festivals and occasions.
There are a total of 11 bank holidays in February 2024, according the the RBI list. However, there is little clarification on whether the banks will be open on Monday, February 19, or not.
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On February 19, banks across Maharashtra will remain closed in view of the Chhatrapati Shivaji Maharaj Jayanti. The banks in all other states will function as per the normal working day on Monday.
Chhatrapati Shivaji Maharaj Jayanti, also called Shiv Jayanti, is celebrated across Maharashtra and is a public holiday. The festival is celebrated on February 19 every year, which is the birth anniversary of Chhatrapati Shivaji Maharaj, the Maratha warrior king.
Banks will be closed for three days in this month, including February 19. While banks will remain closed in Maharashtra on Monday, they will also remain closed on February 20, and 26.
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Bank holidays in February 2024
February 19: Chhatrapati Shivaji Maharaj Jayanti (Maharashtra)
February 20: State Day/Statehood Day (Mizoram)
February 26: Nyokum (Arunachal Pradesh)
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The Reserve Bank of India classifies bank holidays in three major categories – holidays under Negotiable Instruments Act; holidays under Negotiable Instruments Act and Real Time Gross Settlement Holiday; and bank’s closing of accounts.
Further, there are two notable bank holidays in March 2024, where banks will remain closed in several states. Banks will be closed on March 8 (Monday) on the occasion of Mahashivratri and on March 25 (Monday) on the occasion of Holi.
Since Holi falls on the Monday after the fourth Saturday of the month and Sunday, banks will remain closed for three consecutive days that week.
