Cities where banks will be closed on May 20
According to the RBI bank holiday list, banks will be closed in the following cities for phase five of the Lok Sabha elections:
– Mumbai
– Lucknow
– Belapur
States and UTs participating in Phase 5 elections
The fifth phase of elections will take place in the following states and Union Territories:
– Bihar
– Jharkhand
– Maharashtra
– Odisha
– Uttar Pradesh
– West Bengal
– Jammu and Kashmir
– Ladakh
ALSO READ | Bank holidays in May 2024: Banks are closed for up to 14 days; check state-wise list here
Government holidays and employee rights
According to an ET report, the Maharashtra government has issued a circular mandating a paid holiday for workers, officers, and employees who are voters in the election regions.This ensures that all eligible voters can exercise their voting rights during the Lok Sabha General Election 2024.
May bank holidays
In addition to the election-related closures, several other holidays in May will affect bank operations. Key holidays include:
– Maharashtra Din/May Day (Labour Day)
– Birthday of Rabindranath Tagore
– Basava Jayanti/Akshaya Tritiya
– State Day
– Buddha Purnima
– Nazrul Jayanti
Specific bank holidays in May
– May 23: Buddha Pournima (Thursday) – Banks will be closed in Tripura, Mizoram, Madhya Pradesh, Chandigarh, Uttar Pradesh, Arunachal Pradesh, Jammu, Lucknow, Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, Srinagar.
– May 25: Nazrul Jayanti/Lok Sabha General Elections 2024 (Fourth Saturday) – Banks will be closed in Tripura and Orissa.
RBI holiday categories
The Reserve Bank of India categorizes holidays into three types:
1. Holidays under the Negotiable Instruments Act.
2. Holidays under the Negotiable Instruments Act and Real Time Gross Settlement Holidays.
3. Banks’ Closing of Accounts.
