Bank holidays in August: There will be approximately 14 days of bank closures in the upcoming month. Before visiting a bank for any purpose, individuals are advised to check the specific dates.
Bank Holidays in August 2023: If you plan to visit a bank during August, it is essential to consult the calendar first to avoid visiting on a holiday. Throughout this month, banks will be closed for around 15 days, including weekly holidays and other gazetted holidays. The Reserve Bank of India (RBI) has categorized these holidays into three brackets: Holidays under the Negotiable Instruments Act; Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays; and Banks' Closing of Accounts.
Here are the eight bank holidays observed in almost all Indian states, though some variations may exist in certain cases. It is recommended that individuals visit the RBI website to confirm the holidays specific to their state.
Eight bank holidays in August 2023
- Tendong Lho Rum Faat: August 8
- Independence Day: August 15
- Parsi New Year (Shahenshahi): August 16
- Tithi of Srimanta Sankardeva: August 18
- First Onam: August 28
- Thiruvonam: August 29
- Raksha Bandhan: August 30
- Raksha Bandhan/Sree Narayana Guru Jayanthi/Pang-Lhabsol: August 31
List of weekends
As per the regulations, RBI adheres to a week off schedule on the second and fourth Saturdays. The following are the days when banks will be closed on Saturdays and Sundays.
- August 6: Sunday
- August 12: Second Saturday
- August 13: Sunday
- August 20: Sunday
- August 26: Fourth Saturday
- August 27: Sunday
There is a proposal to introduce a 5-day working scheme in banks, which has been demanded by the United Forum of Bank Unions. They are also seeking a 2-day weekly off for bank employees. The concept of a 5-day work week has already been successfully implemented in the Life Insurance Corporation of India in May 2021.
The Finance Ministry of India has already granted approval for the implementation of the 5-day working system for members of the Bank Union.
