Banks will be shut for 14 days in August 2023 including second and fourth Saturdays and Sundays. As per the Reserve Bank of India (RBI) guidelines, banks will be closed on all public holidays with some regional holidays depending on the particular state. Regional holidays are decided by respective state governments.
The month of August observes 14 bank holidays – the first holiday starts from Tendong Lho Rum Faat on Tuesday, August 08, and other holidays like Independence Day on Tuesday, August 15 will be observed holidays which are applicable to all banks in India except some states.
Most Indian banks’ functions are regulated by the Reserve Bank of India, and banking schedules and holidays are also governed by the Reserve Bank of India (RBI) regulations. Public sector banks and private sector banks both are not working on Sundays and on second and fourth Saturdays.
Bank holidays in India come in a variety of flavours — it’s a mix of mandated holidays by the banking sector, plus a whole set of festive and commemorative holidays authorised by various states.
In August 2023, there are only 14 days when many private and public sector banks will remain closed due to bank holidays including weekends. Banks will be shut for 14 days in August 2023 including the second and fourth Saturdays and Sundays as per the Reserve Bank of India (RBI) guidelines.
However, people will not face any problems with bank-related work as holidays are not frequent or are at short intervals; ATMs, cash deposits, online banking and mobile banking will continue to function. These holidays in August vary from state to state as holidays are determined keeping in mind the local festivals.
Banks will be closed on all public holidays with some regional holidays, depending on the particular state. Regional holidays are decided by the respective state governments; they are not mentioned on RBI’s official website.
According to RBI guidelines, banks are closed on Sundays as well as on the second and fourth Saturdays of the month. Under the Negotiable Instruments Act, RBI has declared bank holidays on August 08, 15, 16, 18, 28, 29, 30 and 31. Apart from this, there are four Sundays in August falling on August 6,13,20 and 27 also on the second and fourth Saturdays on August 12 and 26.
According to the Reserve Bank’s calendar, apart from the weekends, there are 8 bank holidays in August. The central government divided the holidays into three categories, under the Negotiable Instruments Act, of 1881.
Those who have to complete important work related to the bank in August, should see the list of holidays and plan their work in advance.