Bank Holiday Tomorrow? Will Banks Remain Closed On Jan 22 Due To Pran Pratishtha Ceremony In Ayodhya

Bank Holiday Or Not On Jan 22: Public sector Banks across the country will remain closed for half day on January 22 on account of Ram Mandir's consecration ceremony. India's leading private sector lenders HDFC Bank and Axis Bank will also remain closed for a complete day on Monday (January 22). Moreover, the government of Maharashtra has also declared a holiday on the day of Pran Pratishtha of Ram Lalla idol at the Ram Temple. Many states like Uttar Pradesh, Madhya Pradesh, Gujarat, and Goa have declared a public holiday in the state for January 22, with schools and government offices closed for the day.

Bank branches of private banks in Uttar Pradesh will be closed on January 22, 2024 (Monday). The Reserve Bank of India (RBI) has updated its bank holiday matrix, which now states that all banks (including PSU and private banks) in Uttar Pradesh will be closed for the full day. For some private banks, even in Uttrakhand selective bank branches will remain closed.

Next week, banks will remain closed for more than three due to Republic Day (January 26), Fourth Saturday (Jan 27), and January 28 (Sunday). Since it will be a long weekend week one must follow the RBI Holiday Calendar to track the bank holiday list so that all your bank-related tasks including financial transactions are completed on time and you do not face any inconvenience at the last moment.

The Reserve Bank of India (RBI) releases the list of bank holidays, that is based on various factors including regional and national holidays, cultural or religious observance, operational requirements, government announcements, and coordination with other banks.

In a press release dated January 19, the RBI said, "There will be no transactions and settlements in Government securities (primary and secondary), foreign exchange, money markets, and Rupee Interest Rate Derivatives on January 22, 2024 (Monday). Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., January 23, 2024 (Tuesday)."

The month of January 2024 has over 16 bank holidays in total including regular holidays i..e Sundays and second, and fourth Saturdays. All Indian banks, private and PSU, remain closed on all Sundays, and the second and fourth Saturdays of each month.

One should note that bank holidays do not mean people will not have access to essential digital services like the Internet, UPI, and mobile banking. Even when banks are closed people can conduct financial transactions via online mode.

The Reserve Bank of India (RBI) has announced that there will be no transactions and settlements in Government Securities, foreign exchange, money markets, and rupee interest rate derivatives on January 22 on the occasion of the consecration of Ram Temple in Ayodhya.

The union government has also announced a half-day working for all central government employees on Monday. This order will remain effective for all central government offices, central institutions, and central industrial establishments during the Ram Mandir consecration ceremony.

These states have declared a holiday on January 22 for Ram Mandir inauguration:

States that have officially declared January 22 as a public holiday include Uttar Pradesh, Madhya Pradesh, Goa, Haryana, Chhattisgarh, Tripura, Odisha, Maharashtra, Assam, and Gujarat.

Meanwhile, Delhi government offices will remain closed for half a day on January 22 on the occasion of the Ram temple consecration ceremony in Ayodhya. A Raj Niwas official reportedly said that Lieutenant Governor V K Saxena has approved a half-day holiday for all Delhi government offices, civic bodies, and other undertakings on January 22.

All bank holidays have been divided into three separate categories: Holiday under the Negotiable Instruments Act, Holiday under the Negotiable Instruments Act and Real Time Gross Settlement Holiday, and Banks' Closing of Accounts.