Both private and public sector banks in select cities will remain closed on Monday, May 20 due to the Lok Sabha Phase 5 polls, according to the Reserve Bank of India’s holiday calendar 2024. This fifth leg of polling will take place in Odisha, Uttar Pradesh, Jharkhand, Ladakh, West Bengal, Maharashtra, Bihar, and Jammu & Kashmir. While some cities will observe a holiday as per the RBI’s directive, it’s crucial to highlight that this closure is not nationwide.
On May 20, banks in Belapur and Mumbai’s financial hub will be closed. This aligns with the fifth phase of the Lok Sabha Election falling on the same day. Additionally, banks will remain shut on May 18 (third Saturday) and May 19 (Sunday) as part of the regular weekend holidays.
Following the May 20 closure, the month of May 2024 will witness further bank holidays on May 23 for Buddha Pournima and May 25 for Nazrul Jayanti and Phase 6 of the Lok Sabha General Elections. May 25 also marks the fourth Saturday, with banks closed on May 26 (Sunday) as well.
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.
The Importance of Bank Branch visits despite the convenience of digital banking, physical bank branches remain crucial for specific transactions. High-value transactions exceeding digital limits, foreign exchange services, cross-bank account inquiries, loan settlements, and account-related guidance necessitate in-person visits. These services cater to unique needs that digital platforms may not fully address, ensuring comprehensive customer support.
While digital banking offers convenience, bank branches play a vital role in handling complex or high-value transactions and providing personalized assistance. Thus, despite technological advancements, physical bank branches continue to serve as essential hubs for various banking requirements.
The RBI classifies bank holidays into three categories: those under the Negotiable Instruments Act, under the Negotiable Instruments Act and Real Time Gross Settlement Holidays, and Banks’ Closing of Accounts. This strategic categorization helps streamline operations and ensures efficient functioning within the banking sector.