Bank Holidays in August: Banks to remain close for 14 days, know dates here

Bank Holidays August 2023: People who are planning to visit bank in August, must take a look at the calendar first to avoid a failed bank visit due to holiday. THis month, banks will be closed for approximately 15 days because of weekly holidays and other gazetted holidays. Reserve Bank of India (RBI) has placed the holidays under three brackets, they are Holiday under the Negotiable Instruments Act; Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays; and Banks’ Closing of Accounts.

Following are the eight bank holidays given in nearly all the Indian states. However, there might be some variation from states to states in some cases. People are advised to visit RBI website to confirm holiday in their own state.

Eight bank holidays in August 2023

-Tendong Lho Rum Faat: August 8

-Independence Day: August 15

-Parsi New Year (Shahenshahi): August 16

-Tithi of Srimanta Sankardeva: August 18

-First Onam: August 28

-Thiruvonam: August 29

-Raksha Bandhan: August 30

-Raksha Bandhan/Sree Narayana Guru Jayanthi/Pang-Lhabsol: August 31

List of weekends

As per the rules, RBI follows second and fourth Saturday week off schedule. Following are the days when banks will be closed on Saturday and Sundays.

August 6: Sunday

August 12: Second Saturday

August 13: Sunday

August 20: Sunday

August 26: Fourth Saturday

August 27: Sunday

There are consideration of implementing 5-days working scheme in banks. The United Forum of Bank Unions has demanded 5-days working for bank employees. it also demanded  that employees get 2-days weekl off. The demand for a -day work week met for the first time in Life Insurance Corporation of India. The 5-day working system was implemented in LIC in May 2021.

The Finance Ministry of India has already given clearance to the 5-day working system for the Bank Union members.