Bank Holidays in August 2024: Closures for Raksha Bandhan and Other Festivals

News Mania Desk/Agnibeena Ghosh/16th August 2024

As the month of August progresses, several cities across India will see banks closed on specific days due to various cultural and religious celebrations. Among these, Monday, August 19, will witness the closure of banks in multiple cities to honor the festival of Raksha Bandhan. This cherished festival celebrates the bond between siblings, where sisters perform rituals, including applying tilak on their brother’s forehead and tying a sacred thread, known as Rakhi, on their wrists.

Both public and private sector banks will not operate in the cities observing this holiday. This information is according to the annual bank holiday calendar released by the Reserve Bank of India (RBI). While physical banking services will be unavailable, customers can still access digital banking options. Services such as internet banking, mobile banking, WhatsApp banking, National Electronic Funds Transfer (NEFT), and Real Time Gross Settlement (RTGS) will continue to function without interruption.

It is important for customers to note that the RBI’s holiday list varies from state to state. Therefore, checking the specific holiday schedule for their region is crucial before planning a visit to a bank branch. This ensures that customers can avoid inconvenience due to unexpected closures.

In addition to Raksha Bandhan, the remaining days of August will see banks closed on several other occasions across different cities. The month will experience a total of six bank holidays in various states over the last 15 days, excluding regular weekends. Below is a detailed list of these holidays:

• August 18, Sunday: Regular weekly holiday.
• August 19, Monday: Raksha Bandhan/Jhulana Purnima/Birthday of Bir Bikram Kishore Manikya Bahadur. Banks will remain shut in Tripura, Gujarat, Odisha, Uttarakhand, Rajasthan, Uttar Pradesh, and Himachal Pradesh.
• August 20, Tuesday: Sree Narayana Guru Jayanthi. Banks will remain shut in Kerala.
• August 24, Saturday: Fourth Saturday, a customary bank holiday across India.
• August 25, Sunday: Regular weekly holiday.
• August 26, Monday: Janmashtami (Shravan Vad-8)/Krishna Jayanthi. Banks will remain shut in Gujarat, Odisha, Chandigarh, Tamil Nadu, Uttarakhand, Sikkim, Andhra Pradesh, Telangana, Rajasthan, Jammu, Srinagar, Uttar Pradesh, Bengal, Bihar, Chhattisgarh, Jharkhand, Meghalaya, and Himachal Pradesh.

These closures highlight the significance of local and national holidays across the country. For residents in the affected states, it’s essential to plan banking activities accordingly to avoid disruption in their financial transactions.

While the holidays may pose challenges for those who rely on physical banking services, the availability of digital banking solutions offers a convenient alternative. Customers can continue to manage their finances online, make transactions, and use other banking services through their smartphones or computers. This seamless access to digital banking ensures that essential financial activities can proceed uninterrupted, even when bank branches are closed.

In conclusion, the latter half of August 2024 is marked by several bank holidays across India due to various cultural and religious observances. Customers are advised to stay informed about these dates to effectively plan their banking needs and make the most of the available digital services during the closures.