In August 2023, all public and commercial banks in India will be closed for a total of fourteen days. Independence Day, Onam, Raksha Bandhan, the Parsi New Year, and a few other local holidays are all included in the list of bank holidays for August 2023. Banks will be closed on a number of August weekends in addition to these bank holidays. Sundays and the second and fourth Saturdays are among them. These holidays have been divided into three groups by the Reserve Bank of India (RBI): Banks' Closing of Accounts Holidays, Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays.
In India, there are many different types of bank holidays, including those that are mandated by the banking industry and a wide range of celebratory and memorial days that have been approved by individual governments.
People will not have any difficulty with bank-related activities, however, because holidays are not frequent or at short intervals; ATMs, cash deposits, internet banking, and mobile banking will all continue to operate. These August holidays differ from state to state because holidays are decided by local festivities.
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Banks will be closed on all national holidays, as well as several regional holidays, depending on the state. Regional holidays are determined by state governments and are not listed on the RBI's official website. Banks are closed on Sundays, as well as the second and fourth Saturdays of each month, according to RBI regulation. The Reserve Bank of India has declared bank holidays for August 8, 15, 16, 18, 28, 29, 30, and 31 in accordance with the Negotiable Instruments Act. Aside from that, there are four Sundays in August: August 6, 13, 20, and 27, as well as the second and fourth Saturdays of August 12 and 26.
Aside from weekends, there are eight bank holidays in August, according to the Reserve Bank schedule. Under the Negotiable Instruments Act of 1881, the central government classified holidays into three types.
Those who need to do crucial bank-related tasks in August should review the schedule of holidays and plan ahead of time.