Banks across many states will remain closed on Monday as they finalize their yearly accounts, following Reserve Bank of India (RBI) guidelines. This closure is part of the 14 days of bank holidays in April, which includes Sundays and second and fourth Saturdays, according to the RBI holiday list.
The RBI has categorized holidays into three types: Negotiable Instruments Act Holidays, Real Time Gross Settlement Holidays, and Bank Account Closing Holidays.
April 1, 2024, has been designated as a bank holiday under the Bank Account Closing Holidays category. While most states will observe bank closures for this purpose, exceptions include Mizoram, Chandigarh, Sikkim, West Bengal, Himachal Pradesh, and Meghalaya.
Additionally, the RBI has issued a notification stating that the exchange and deposit of Rs 2,000 notes will not be available on April 1, 2024, due to the Annual Closing of Accounts operations. This service will resume on April 2, 2024.
Overall, banks will observe closures for various reasons such as Babu Jagjivan Ram’s Birthday, Gudhi Padwa, Ugadi Festival, Ramzan-Id, Bohag Bihu, Himachal Day, Shree Ram Navami, and Garia Puja, among others, throughout April 2024.
