Bank Holiday today: Banks to be closed in THESE states for Phase 5 Lok Sabha Elections 2024

However, it is important to note that banks will not be closed throughout India. Only specific cities, as declared by the Reserve Bank of India (RBI), will have a holiday. The RBI decides holidays for scheduled commercial banks in the country.

Shivangini
Updated20 May 2024
Bank Holiday on May 20: Banks to remain closed on Lok Sabha Election Phas 5
Bank Holiday on May 20: Banks to remain closed on Lok Sabha Election Phas 5

On May 20, as part of the phase 5 of the Lok Sabha election, voting for approximately 695 candidates from 49 constituencies across six states and two Union territories will commence. This fifth leg of polling will take place in Odisha, Uttar Pradesh, Jharkhand, Ladakh, West Bengal, Maharashtra, Bihar, and Jammu & Kashmir.

In certain cities, as declared by the Reserve Bank of India (RBI), banks will observe a holiday. However, it is important to note that banks will not be closed throughout India The RBI decides holidays for scheduled commercial banks in the country. According to the RBI, on May 20, banks will be closed in Belapur and the financial hub of Mumbai.

The RBI categorizes holidays for banks into three types: Holiday under the Negotiable Instruments Act, Holiday under the Negotiable Instruments Act and Real Time Gross Settlement Holidays, and Banks' Closing of Accounts.

In addition to the May 20 holiday, the last leg of bank holidays in May 2024 includes May 23 for Buddha Pournima, and May 25 for Nazrul Jayanti and Phase 6 of the Lok Sabha General Elections.  May 25 is a holiday for the fourth Saturday and banks are shut also on May 26, Sunday.

Bank holidays in India for 2024 vary from state to state and city to city. Customers planning to visit bank branches this week for financial transactions should take note of these dates.

Digital Banking

Despite the ease of digital banking through mobile phones, ATMs, and the Internet, there are still several reasons to visit bank branches. These include transactions related to high amounts beyond maximum limits, foreign exchange transactions, queries and procedures related to accounts in other banks, loan closures or payments, and guidance or help related to bank accounts.

In May, there are a total of nine special holidays for banks, excluding the second and fourth Saturdays and four Sundays.

As per the latest update by the Election Commission of India (ECI), the Lok Sabha Elections 2024 have seen a voter turnout of about 66.95 per cent so far, with approximately 451 million people voting during the first four phases. To enhance voter turnout, the ECI has introduced various interventions to motivate voters to cast their votes.

According to the ECI, a citizen of India can vote only if their name appears in the Voter List (Electoral Roll). Voters can find information on polling booths, contesting candidates, election dates and timings, identity cards, and electronic voting machines (EVMs).

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