A bank holiday in India is a public holiday declared especially for banks and other financial institutions. All bank holidays are declared by Central / State Governments / Union Territories under NI (Negotiable Instruments) Act. It is worth noting that not all public holidays can be considered as bank holidays. The Reserve Bank of India (RBI) releases a list of bank holidays every year and every bank is entitled to follow the guidelines of the Reserve Bank of India (RBI). In addition, some banks also provide holidays on their foundation/incorporation day. Let’s check the list of bank holidays 2024 released by the Reserve Bank of India.
In addition to national holidays, each state in India in the significance of its cultural and religious diversity has local festivals and hence the set of bank holidays differ from one state to another. Also, it is to be noted that all 2nd and 4th Saturdays and all Sundays are bank holidays. With more focus on netbanking and mobile banking, many online facilities such as opening new accounts, hotlisting cards, fund transfer, etc. are available on bank holidays as well.