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The first month of the financial year FY23 is just around the corner, and a host of holidays are already awaited for the banking sector. Banks will have holidays for half of April month which has 30 days. There are no national holidays in April, however, several festivals and long weekends.
Bank holidays are determined by the apex bank, RBI. The central bank releases month-wise holidays list at the beginning of the year for both private and public banks.
The holidays are divided into three categories - Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts.
A total of 15 holidays will be given to banks in April, of which, 6 holidays are due to weekend offs.
The majority of the banks will be closed on April 01 due to the yearly closing of bank accounts. Meanwhile, banks will be closed on April 2 for Gudi Padwa/Ugadi Festival/1st Navratra/Telugu New Year's Day/Sajibu Nongmapanba (Cheiraoba).
Further, banks will be closed on April 4 and 5 due to Sarhul and Babu Jagjivan Ram’s Birthday in some regions of India.
Meanwhile, banks will receive holiday from April 14 to 16 due to a host of festivals that includes - Dr. Babasaheb Ambedkar Jayanti, Mahavir Jayanti, Baisakhi, Vaisakhi, Tamil New Year's Day, Cheiraoba, Biju Festival, Good Friday, Bengali New Year’s Day (Nababarsha), Himachal Day, Vishu. April 16 which also is the third Saturday of banks, will have a holiday due to Bohag Bihu.
Meanwhile, bank holidays will be on April 21 due to Garia Puja, and April 29 due to Shab-I-Qadr/Jumat-ul-Vida.
As part of week offs, there will be four Sundays off (April 3, 10, 17, and 24). While two Saturdays (April 9, 23) will also have an off. Banks are usually open on the first and third Saturday of a month.
Apart from week offs, the majority of the banks will be closed on April 1, 14, and 15. Customers planning to carry out any banking transactions which would require them to visit bank branches - must take note of these holidays in April to avoid delays or hindrances in their financial transactions.
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