Bank Holidays 2024: Indian banks are in a long-holidays weekend, with back-to-back holidays from October 1 to October 3. While banks were closed on October 1 due to General Elections to the State Legislative Assembly, and on October 2 due to Gandhi Jayanti. Why banks will be closed on October 3? Find Out!
October 3:
Banks will be closed on October 3rd due to Navratra Sthapna, as per RBI's data. However, not every banks in India will be closed, but only in selective places.
As per RBI's data, on Thursday, October 3, banks will be closed in Rajasthan, including capital Jaipur.
That being said, banks will be opened in cities like Agartala, Ahmedabad, Aizawl, Belapur, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Dehradun, Gangtok, Guwahati, Andhra Pradesh, Telangana, Imphal , Itanagar, Jammu, Kanpur, Kochi, Kohima, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Shillong, Shimla, Srinagar, and Thiruvananthapuram.
October 3rd is deemed to be an auspicious day in 2024, due to celebration of Ghatasthapana Muhurat (Kalash) which marks the onset of the Navratri festival.
His most common celebration begins on the first day of Navaratri with Ghatasthapana, which means "mounting of a jar". On this day, rural households mount a copper or brass jar, filled with water, upon a small heap of rice kept on a wooden stool (pat), as per Wikipedia.
October 4, October 5, October 6:
Banks will continue to be operational on October 4 as normal routine, followed by the first Saturday, October 5.
However, banks will be closed on October 6 due to Sunday being the default holiday.
RBI's holidays are divided into three categories such as -- Holiday under the Negotiable Instruments Act; Holiday under the Negotiable Instruments Act and Real Time Gross Settlement Holidays; and Banks' Closing of Accounts. Bank holidays in India 2024, vary from state-to-state and city-to-city.
This week, overall banks are closed for four days on October 1, October 2, October 3, and October 6. However, the holidays vary from state to state. Only on October 2nd, all banks in India are closed as Gandhi Jayanti is a national holiday.
In general terms, banks are closed on the second and fourth Saturdays of every month. The fifth Saturday of a month with five Saturdays is a working day for banks. In the past, banks would only open for a half-day on Saturdays.
Bank holidays in India and for that matter, the public holidays are decided by the central government, the state government and the various union territories in the country. As per RBI, bank holidays are divided into three categories.
Some of these holidays are very local and hence are decided by the respective state governments. On the other hand, some of them are very mandatory and it is not a prerogative of anybody as these are already the national holidays in India. Common holidays which central government decide would be Good Friday, Christmas, and Diwali among others.
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