Looking To Visit Banks On May 16? Know Where They Will Remain Shut

It is to be noted that banks will remain closed in some regions on Monday (May 16) on the occasion of Buddha Purnima.

Bank ATMs

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New Delhi: This week banks are closed for three consecutive days including Saturday, Sunday and Monday, as per the Reserve Bank Of India (RBI) holiday calender. It is to be noted that banks will remain closed in some regions on Monday (May 16) on the occasion of Buddha Purnima.

Buddha Purnima is also popularly celebrated as Buddha Jayanti or Vesak, The Buddhist festival marks the birth anniversary of Gautama Buddha, a spiritual teacher on whose teachings Buddhism was founded.

The festival is celebrated by the Buddhist community across the country including countries like Sri Lanka, Indonesia, Malaysia etc. The festival holds special importance and is celebrated with a lot of enthusiasm. 

Which places to observe holiday on May 16?

The banks will remain closed in Tripura, Belapur, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Jammu, Uttar Pradesh, Maharashtra, New Delhi, Uttar Pradesh, Bengal, Chhattisgarh, Jharkhand, Himachal Pradesh, and Srinagar.

Banks remain closed every Sunday. However, banks are working on the first and third Saturdays of the month which means the banks remain shut on second and fourth Saturdays are holidays. Every month RBI lists out bank holiday details. The holidays are segregated into three categories - Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts.

In May, four holidays will be observed under the Negotiable Instruments Act.

There are total 11 holidays this month of which banks have already utilised five holidays. Banks remained closed on May 1 (Sunday), May 2 (Eid-UI-Fitra), May 3 (Bhagvan Shree Parshuram Jayanti/Ramjan-Eid (Eid-UI-Fitra)/Basava Jayanti/Akshaya Tritiya), May 8th (Sunday), and May 9th (Birthday of Rabindranath Tagore.

Now, banks will not be open closed on May 22 (Sunday), and further from May 28 to May 29 as the fourth weekend.