New Delhi: Banks, both public and private, will be shut in most regions of India on Tuesday, May 3, due to the Eid and Akshaya Tritiya bank holiday. There are a total of 11 bank holidays in May, two of which have already been used. The lenders will only have eight leaves left for the month because of today’s bank holiday. The Reserve Bank of India, or RBI, has compiled a list of bank holidays for May, as it does for every other month. All public sector, private sector, foreign banks, cooperative banks, and regional banks’ branches remain closed on the RBI’s declared bank holidays.
The bank holidays are classified as ‘Holiday under the Negotiable Instruments Act,’ ‘Holiday under the Negotiable Instruments Act and Real Time Gross Settlement Holiday,’ and ‘Banks’ Closing of Accounts.’ On April 1, one holiday is in effect due to ‘Banks’ Closing of Accounts,’ when the bulk of banks across the country remain closed, while the ‘Holiday under Negotiable Instruments Act’ category has the most holidays.
This leads us to question if today is a public holiday in Delhi, Mumbai, or other large cities. According to the RBI list, banks will be closed today in all of India excluding Kochi and Thiruvananthapuram on account of Bhagvan Shree Parshuram Jayanti/ Ramjan-Eid (Eid-UI-Fitr)/ Basava Jayanti/ Akshaya Tritiya. Because banks were closed on May 2 due to Ramjan Eid, there is no bank holiday in these two districts.
It is also important to note that bank holidays differ from location to location and are determined by the occasions in each area, as most bank holidays are established under the Negotiable Instruments Act. Banks in Kolkata, for example, will be closed on May 9 in honour of Ranbindranath Tagore’s birthday, whereas there will be no bank holiday in other areas of the country.
Check the full list of bank holidays in May 2022:
May 2: Ramjan-Eid (Eid-UI-Fitr) — Kochi and Thiruvananthapuram
May 3: Bhagvan Shree Parshuram Jayanti/ Ramjan-Eid (Eid-UI-Fitr)/ Basava Jayanti/ Akshaya Tritiya — All over India except Kochi and Thiruvananthapuram
May 9: Birthday of Rabindranath Tagore — Kolkata
May 16: Buddha Purnima — Agartala, Belapur, Bhopal, Chandigarh, Dehradun, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla, and Srinagar
May 1: Sunday
May 8: Sunday
May 14: Second Saturday
May 15: Sunday
May 22: Sunday
May 28: Fourth Saturday
May 29: Sunday