In Short:
July 20 is not a bank holiday in India, even though it is a Saturday. Banks, including the State Bank of India, are closed on the second and fourth Saturdays, Sundays, and other specific holidays each month. The Reserve Bank of India decides on the yearly bank holiday list, considering national, state, and cultural holidays. Online banking services are available even on holidays, but customers should confirm holiday schedules with their banks.
Is July 20 a Bank Holiday?
Hey there! Wondering if today, July 20, is a bank holiday? Well, it’s a Saturday, but unfortunately, it’s not a bank holiday. All national and private banks in India, including the popular State Bank of India (SBI), shut their doors on the second and fourth Saturdays of the month, along with all Sundays and other holidays. Since today happens to be the third Saturday of July, it’s business as usual for banks.
July 2024 Bank Holiday Schedule
This month has about 12 non-working days as per the Reserve Bank of India (RBI). These include weekends, regional festivities, and religious holidays.
How Bank Holidays are Decided
The RBI and state governments collaborate to finalize the annual bank holidays list by taking into account national, state, operational needs, and cultural or religious observances.
Announcement of Holidays
The RBI communicates the holiday schedule through its website and notifications to banks and financial institutions.
Online Banking Services
Remember, online and mobile banking services through bank websites and apps operate regardless of working days. Unless mentioned for specific reasons, customers can use online services and ATMs for transactions.
It’s worth noting that bank holiday dates may vary by state due to regional requirements. To stay updated, check the holiday list at your nearest bank branch to plan ahead and avoid any last-minute surprises.
Legal Background of Bank Holidays
All non-working days listed on the bank holiday calendar are authorized under the Negotiable Instruments Act by the RBI. This ensures that transactions involving cheques and promissory notes are not processed during these holidays.
