The banks across many states in India including Karnataka, West Bengal, Maharashtra, and Bihar will be closed today, May 1. This holiday is on the account of Maharashtra Day, and International Labour Day. Maharashtra Day signifies the formation of the state after the division of Bombay presidency into Maharashtra and Gujarat. Meanwhile, International Labour Day is celebrated to promote worker rights and protection from exploitation.
Notably, this is the 3rd consecutive bank holiday. Banks were closed on April 30, particularly in Karnataka, on the account of Basava Jayanti and Akshaya Tritya. Basava Jayanti is celebrated to mark the birth of the renowned philosopher and social reformer Basavanna. Meanwhile, Akshaya Tritya is an auspicious Hindu festival. People start a new venture or investment, particularly purchasing gold on this day, believing that this will bring prosperity and good luck.
The banks were also closed on April 29 on the account of Bhagwan Shri Parshuram Jayanti, particularly in Himachal Pradesh. Lord Parshuram is the 6th incarnation of Hindu deity Vishnu and people observe fast on this day and offer prayers.
It is worth noting that apart from the listed holidays, banks are closed on every Sunday and second and fourth Saturday of the month.
What Else?
Despite Bank holidays, digital banking services, including net banking, will remain available throughout the year, even on holidays when bank branches are closed. Customers can also use online banking, mobile banking apps, UPI, and ATM services, unless maintenance work is scheduled. Additionally, services like opening fixed deposits or recurring deposits may also be accessible on some days.
Moreover, banks will observe 12 holidays in May 2025, which may be nationwide or specific to certain states. Customers should take note of both public and regional holidays, as these may impact services such as branch visits, cheque clearing, and processing times.
