Buddha Purnima Bank Holiday: Banks in several cities of the country will remain closed on May 12 on account of Buddha Purnima, per the Reserve Bank of India’s (RBI) bank holiday schedule, making this a long weekend for bank employees. This day is preceded by the second Saturday and Sunday. Banks remain closed on the second and fourth Saturdays of every month.
Buddha Purnima is a significant festival commemorating the birth, enlightenment, and death of Lord Buddha. It is widely celebrated in regions with Buddhist populations.
The month of May has six designated holidays as announced by the RBI, apart from which banks will also be closed on all Sundays and the second and fourth Saturdays.
RBI classifies holidays into three categories: Real-Time Gross Settlement Holiday, Banks’ Closing of Accounts Holiday, and Holidays Under the Negotiable Instruments Act.
Banks shut on May 12
There is no nationwide bank holiday on May 12, however, banks in Agartala, Aizawl, Belapur, Bhopal, Dehradun, Itanagar, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla, Srinagar will remain shut today on the occasion of Buddha Purnima. All other states/ regions will observe normal functioning of banks.
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. These facilities are available regardless of public holidays, unless banks notify technical issues or maintenance closures.
However, services like conducting transactions on cheque and promissory notes will not be available as these come under the Negotiable Instruments Act, and are unavailable during the holidays.