In this Month, Banks are gearing up for a long stretch of holidays. The Reserve Bank of India has released a list of bank holidays for the month of July.
It turns out to be a total of 14 holidays. Counting from today, July 9, there will be 9 holidays that fall under the state-wise category, religious festivities and other celebrations, while 5 out of the total 14, remain regular weekends. This list has been set and declared under the Negotiable Instruments Act.
The RBI classifies these leaves under three general categories – ‘Holiday under Negotiable Instruments Act’, ‘Holiday under Negotiable Instruments Act’ and ‘Real-Time Gross Settlement Holiday and Banks’ Closing of Accounts’. The holidays for this month fall under the first category entirely.
Starting from tomorrow, July 10, there will be five consecutive days of leave for lenders. However, these leaves will be state-wise only and do not take place for all states on the same days. On the bright side, the majority of these holidays are dispersed across different states and the vast majority of them take place at different times in different states. There is hardly any overlap. The only holiday that applies on the same day to all the banks across India is Bakri Id (Id-Ul-Zuha) (Eid-UI-Adha). This will take place on July 21, for the majority of banks, but with a few exceptions.