Banks are preparing a three-day long weekend starting this Saturday after nearly half of the bank holidays have been used and two weeks have passed in May.
Banks will be closed on May 16 due to Buddha Purnima celebrations, according to the Reserve Bank of India (RBI). This month, banks across the country have been granted a total of 11 holidays.
Bank Will Be Closed for 3 Consecutive Days in May 2022
Banks will be closed on the second Saturday, 14 May, and Sunday, 15 May, in addition to the Buddha Purnima holiday on May 16. This is the only long weekend the banks have left this month.
Each month, the RBI publishes a list of bank holidays. Bank holidays in May have been divided into three categories, the first of which is Holidays under the Negotiable Instruments Act.
The Real-Time Gross Settlement Holiday and Banks' Closing of Accounts are the other two divisions. This month, the Negotiable Instruments Act allows for up to four holidays.
For the uninitiated, banks are usually closed on the first Sunday of each month. While they are open on the first and third Saturdays of each month, bank staff are off on the second and fourth Saturdays.
Banks have already utilized five of the 11 May holidays. 1 May (Sunday), 2 May (Eid-UI-Fitra), 3 May (Parshuram Jayanti/Ramzan-Eid (Eid-UI-Fitra)/Basava Jayanti/Akshaya Tritiya), 8 May (Sunday), and 9 May (Sunday) were the days off (Rabindranath Jayanti).
Upcoming Bank Holidays in May 2022
Banks will be closed from the 14th to the 16th of May, then on the 22nd of May (Sunday), and finally on the 28th and 29th of May due to the fourth weekend.
