Banks in India are closed in some states on May 1, 2023 on the occasion of Maharashtra Day/May Day.
Photo : PTI
May 1 has a special significance in Maharashtra. It was on this day in 1960 that the state came into existence after it was carved out of the Bombay State while Labour Day, May Day, or Worker’s Day is observed every year on 1st May. The day is marked to educate people about the hard work of labourers and create awareness about their rights.
Customers are advised to plan their banking activities accordingly and make use of digital banking services such as online banking, mobile banking, and UPI for their urgent banking needs. In addition to the banks, many government institutions and offices will also remain closed today.
In Punjab, the government declared a gazetted holiday on May 1, which is observed as the International Labour Day.
Bank Holidays in May 2023: Banks to remain closed for 12 days in May
The banks will remain shut for 12 days in May 2023, in different states across India. The bank holidays differ in each state, as per the official holiday calendar released by RBI.
The 12-day bank holiday in April 2023 includes Gazetted and Restricted Holidays, regional holidays along with Sundays and the second and fourth Saturdays.
Banks will be closed in May on the occasions of Maharashtra Day/May Day, Municipal Corporation Elections, Buddha Purnima, Birthday of Rabindranath Tagore, Sikkim State Day and Maharana Pratap Jayanti.
Bank Holidays 2023 in May
May 1 (Monday)– Maharashtra Day/May Day – Banks to remain shut in Karnataka, Maharashtra, Tamil Nadu, Assam, Andhra Pradesh, Telangana, Kerala, Bengal, Goa, and Bihar.
May 2 (Tuesday)- Municipal Corporation Elections, 2023– Shimla
May 5 (Friday)- Buddha Purnima: Tripura, Mizoram, Maharashtra, Madhya Pradesh, Chandigarh, Uttarakhand, Jammu, Uttar Pradesh, Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh.
May 7 – Sunday
May 9 (Tuesday)- Birthday of Rabindranath Tagore – Bengal
May 13 – Second Saturday
May 14 – Sunday
May 16 (Tuesday)- State Day – Sikkim
May 21 – Sunday
May 22 (Monday)- Maharana Pratap Jayanti: Himachal Pradesh.
May 27 – Fourth Saturday
May 28 – Sunday
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| Holiday Description | Day |
|---|---|
| Maharashtra Day/May Day | 1 |
| Municipal Corporation Elections, 2023 | 2 |
| Buddha Purnima | 5 |
| Birthday of Rabindranath Tagore | 9 |
| State Day | 16 | Maharana Pratap Jayanti |
Bank holidays are categorized under three categories-
1) Holiday under Negotiable Instruments Act
2) Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday.
3) Banks’ Closing of Accounts
