Planning a bank visit in August? Be sure to check the calendar first, as there will be 15 days of bank closures due to various holidays. The Reserve Bank of India (RBI) has classified these holidays into three categories: Holidays under the Negotiable Instruments Act, Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays, and Banks’ Closing of Accounts.
It's important to note that the holiday schedule might differ slightly from state to state, so it's advisable to visit the RBI website to confirm the holidays in your specific region. Here are the eight bank holidays that will be observed across nearly all Indian states 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
Furthermore, as per RBI rules, banks will be closed on the second and fourth Saturdays of August. Here are the dates when banks will be closed on Saturdays and Sundays:
August 6: Sunday August 12: Second Saturday August 13: Sunday August 20: Sunday August 26: Fourth Saturday August 27: Sunday
In addition to this, there have been discussions about implementing a 5-day working scheme for banks. The United Forum of Bank Unions has put forward a demand for a 5-day workweek for bank employees, along with 2-days of weekly off. This demand has already been met in the Life Insurance Corporation of India (LIC) in May 2021.
With the holiday season approaching, it's essential to plan your banking needs accordingly and stay informed about the working schedule of banks in August.
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