Banks to Remain Closed for 14 Days in July
Bank Holidays in July 2022: The month of July is already here and with it comes a new set of bank holidays, where lenders across India will be closed for nearly two weeks. The Reserve Bank of India, or the RBI, has already put out a list for bank holidays in July 2022. Bank holidays will come into effect as per the list. Banks across all public and private sectors in Odisha remained closed on July 1, Friday on the occasion of Rath Yatra, the biggest festival in the state.
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There are as many as 14 bank holidays in July, which apply for both private and public sectors. This includes weekends and various festivals which are declared as holidays under the Negotiable Instrument Act by the Reserve Bank of India (RBI). The schedule except those for the weekends would be different across various cities in the country, RBI’s holiday calendar shows.
It is noteworthy that many bank holidays are regional and may differ from state to state and bank to bank. As per the calendar, there are eight regional holidays and seven weekend bank holidays However, Bakrid which is a regional holiday for Kochi, Thiruvananthapuram, and Jammu Kashmir falls on July 9. This is also the second Saturday of the month when all banks are closed. Therefore, the bank holiday on July 9 is clashing.
The Reserve Bank has notified the holidays under three brackets — the Negotiable Instruments Act, Holiday, Real Time Gross Settlement Holiday and Banks’ Closing of Accounts. According to RBI guidelines, all banks including the public sector, private sector, foreign banks, cooperative banks and regional banks across the country will remain closed on these notified holidays. One holiday is effective on account of ‘Banks’ Closing of Accounts’ on April 1 when a majority of banks across the country remain closed, while ‘Holiday under Negotiable Instruments Act’ categorisation sees the highest number of holidays.
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-PTC News
