Banks in some cities of the country will remain closed on May 1 on account of Labour Day and Maharashtra Day, per the Reserve Bank of India’s (RBI) bank holiday schedule. Labour Day, observed on May 1, celebrates labourers and the working class. International Workers’ Day or May Day has its origins in the late 19th-century labour movement and it honours the contributions and achievements of workers worldwide.
Maharashtra Day, meanwhile, commemorates the formation of the state of Maharashtra on May 1, 1960, following the Bombay Reorganisation Act of 1960, which separated the Bombay State.
RBI classifies holidays into three categories: Real-Time Gross Settlement Holiday, Banks’ Closing of Accounts Holiday, and Holidays Under the Negotiable Instruments Act. Banks remain closed on the second and fourth Saturdays of every month.
Are banks closed on May 1?
There is no nationwide bank holiday on May 1, however, banks in Belapur, Bengaluru, Chennai, Guwahati, Hyderabad – Andhra Pradesh, Hyderabad – Telangana, Imphal, Kochi, Kolkata, Mumbai, Nagpur, Panaji, Patna, Thiruvananthapuram will remain shut today on the occasion of Labour Day and Maharashtra Day. All other states/ regions will observe normal functioning of banks.
Besides May 1, banks will remain closed on 12 days during the month and this includes the second and fourth Saturdays and all Sundays as mandatory weekly days off. Bank holidays, as decided by the RBI, vary from state to state according to national, regional and religious festivities.
Despite the banks remaining shut on these specific days, customers can access banking services via net banking, ATMs, mobile applications, and bank websites.