In August 2023, banks in India will be closed for approximately 15 days due to various holidays. These holidays fall under three categories: Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays, and Banks’ Closing of Accounts.
The eight bank holidays observed across selected states 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
Apart from these specific holidays, banks will also remain closed on Saturdays and Sundays as per the regular weekend schedule. The Reserve Bank of India (RBI) follows the second and fourth Saturday off system.
It’s worth noting that there have been discussions about implementing a 5-day working scheme in banks, which has been demanded by the United Forum of Bank Unions. The Finance Ministry of India has given clearance for the 5-day working system for Bank Union members. This change aims to provide bank employees with a 2-day weekly off, similar to the system implemented in the Life Insurance Corporation of India (LIC) since May 2021. However, as of August 2023, the 5-day working system has not been officially implemented yet.
