Banks are up for a two-day holiday from October 16 and October 17, however, not all of them will be closed. Bank holidays are decided by RBI but they vary from state to state. In some regions, Indians are going to celebrate occasions like Lakshmi Puja and Maharshi Valmiki Jayanti/Kati Bihu. Accordingly, banks in these regions will be closed.
October 16, Wednesday:
Banks will be closed on Wednesday, October 16 due to the celebration of Lakshmi Puja. But banks in cities like Agartala and Kolkata will be shut. Rest other cities banks are opened.
Sharad Purnima, also known as Kumara Purnima, Kojagari Purnima, Navanna Purnima, Kojagrat Purnima, or Kaumudi Purnima, is a religious festival celebrated on the full moon day of the Hindu lunar month of Ashvin, marking the end of the monsoon season. In 2024, this festival will be celebrated on October 16.
On this day, many Hindu divine pairs like Radha Krishna, Shiva Parvati and Lakshmi Narayana are worshipped along with the Chandra, the moon deity, and are offered flowers and kheer (sweet dish made of rice and milk), as per Wikipedia.
October 17:
On Thursday, banks will be closed due to Maharshi Valmiki Jayanti/Kati Bihu. Banks in Bengaluru, Guwahati, and Shimla will be closed.
Pargat Diwas, or Valmiki Jayanti, is an annual Indian festival celebrated in particular by the Balmiki religious group, to commemorate the birth of the ancient Indian poet and philosopher Valmiki, who is thought to have lived around 500 BCE. The festival date is determined by the Indian lunar calendar, and falls on the full moon (Purnima) of the month of Ashwin, typically in late September or early October, the Wikipedia stated.
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.
However, generally, 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.
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