Introduction
Bank Holiday August 2023: To prevent any trouble, it is essential to verify the holiday schedule in advance if you intend to visit the bank in August 2023. Banks in India will be closed for about 15 days this month because of weekly holidays and other gazetted holidays.
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These holidays have been broken down by the Reserve Bank of India (RBI) into three groups: holidays under the Negotiable Instruments Act, holidays under the Negotiable Instruments Act and real-time gross settlement holidays, and bank account closure holidays.
Bank Holiday August 2023
The eight bank holidays observed in August 2023 in almost all Indian states are listed below. It’s important to keep in mind, though, that different states could have some variances.
- The first is Tendong Lho Rum Faat on August 8.
Because of the Tendong Lho Rum Faat celebration, banks will be closed on this day. - Banks will all be closed on August 15, the nation’s Independence Day, which is a national holiday in India.
- August 16 is Parsi New Year (Shahenshahi).
To commemorate the Parsi New Year (Shahenshahi), banks will be closed on this day. - The 18th of August is Srimanta Sankardeva’s birthday.
Due to Srimanta Sankardeva’s Tithi falling on this day, banks will be closed. - The day of First Onam, August 28, will see bank closures.
- Thiruvonam: August 29 Summary: Thiruvonam will be observed, resulting in bank closures.
- August 30 is Raksha Bandhan.
Banks won’t be open for business on this day in observance of Raksha Bandhan. - August 31: Raksha Bandhan, Sri Narayana Guru Jayanthi, and Pang-Lhabsol
Banks will be closed on this day in observance of Pang-Lhabsol, Sree Narayana Guru Jayanthi, and Raksha Bandhan.
List of Weekends
Banks will be closed on some weekends in accordance with the RBI’s timetable in addition to the scheduled bank holidays.
August 6th is a Sunday, August 12th is a Second Saturday, August 13th is a Sunday, August 20th is a Sunday, and August 27th is a Sunday.
Consideration of Implementing 5-Day Working Scheme
A 5-day workweek for bank employees has been discussed and demanded. The United Forum of Bank Unions has proposed that a 5-day workweek be used while ensuring that employees have two days off every week. Since May 2021, the Life Insurance Corporation of India (LIC) has begun putting this idea into effect.
Conclusion
Be sure to keep these holidays and weekends in mind when you schedule your bank visits in August 2023. To prevent any problems during your financial operations, it is important to confirm the holiday schedule for your particular state on the RBI website.
