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Is There a Bank Holiday on 16 May 2022? Banks to be Shut for 3 Straight Days from Today

Banks will be closed in several cities on May 16. (Image: Shutterstock)

Banks will be closed in several cities on May 16. (Image: Shutterstock)

According to a list by the Reserve Bank of India, there will be a bank holiday on Monday on the occasion of Buddha Purnima.

Bank Holidays in May 2022: Banks, across both private and public sectors in the country, are in for a long weekend from today, May 14. There were 11 bank holidays in May, out of which, five have already been used up. May 14, that is Saturday, is also a bank holiday since it is the second Saturday of the month. While lenders are usually closed on Sundays, this will extend for a day more for several of them since May 16, Monday, is a bank holiday on the occasion of Buddha Purnima.

The Reserve Bank of India, or RBI, lays out a plan in the beginning of every years as per which lenders get their yearly leaves. On the bank holidays notified by the RBI, branches of all public sector, private sector, foreign banks, cooperative banks and regional banks remain shut. According to this list, there will be a bank holiday on Monday on the occasion of Buddha Purnima. Bank holiday 16 May 2022 will be applicable in several areas including Agartala, Belapur, Bhopal, Chandigarh, Dehradun, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla, and Srinagar. However, for lenders in cities like Chennai, Kochi and Bengaluru, there is no bank holiday on Monday.

The holidays come into effect under three categories, including ‘Holiday under Negotiable Instruments Act’, ‘Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday’ and ‘Banks’ Closing of Accounts’. 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.

There are four holidays under Negotiable Act in My, out of which three have already been exhausted. The remining one holiday will be used up on Monday, after which every bank holiday will be a weekend leave. It must be noted in this regard that bank holiday comes into effect, in most cases, according to the region one particular branch is located in. This means that most bank holidays are region specific.

Here’s the Full List of Bank Holidays in May 2022, Starting From May 1, 2022

List of Leaves as per the Holiday Under Negotiable Instruments Act

May 2: Ramjan-Eid (Eid-UI-Fitra) — Kochi and Thiruvananthapuram

May 3: Bhagvan Shree Parshuram Jayanti/ Ramjan-Eid (Eid-UI-Fitra)/ Basava Jayanti/ Akshaya Tritiya — All over India except Kochi and Thiruvananthapuram

May 9: Birthday of Rabindranath Tagore — Kolkata

May 16: Buddha Purnima — Agartala, Belapur, Bhopal, Chandigarh, Dehradun, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla, and Srinagar

List of Weekend Leaves

May 1: Sunday

May 8: Sunday

May 14: Second Saturday

May 15: Sunday

May 22: Sunday

May 28: Fourth Saturday

May 29: Sunday

Thus, if you have any bank related work, you must contact your local branch to confirm the bank holidays in May as per your region to avoid any hassle.

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first published:May 14, 2022, 14:00 IST