Bank Holiday: This information is for you if you intend to complete any bank-related tasks the following week. In several regions of the nation, banks will be closed on Thursday, May 1, this week. The question now is, why will the banks stay closed on May 1st if there isn’t a weekend?
In fact, banks will be closed in various regions of the nation on May 1st due to Maharashtra Day and Labor Day, according to the Reserve Bank of India’s (RBI) list of holidays.
The RBI holiday calendar indicates that banks in Belapur, Bengaluru, Chennai, Guwahati, Hyderabad, Imphal, Kochi, Kolkata, Mumbai, Nagpur, Panaji, Patna, and Thiruvananthapuram will be closed on May 1. That is, if you live in these cities and have any crucial bank-related task, you should settle it on time.
Why do we celebrate Maharashtra Day?
May 1 is Maharashtra Day. Actually, on May 1, 1960, the Bombay state was reformed, and Maharashtra and Gujarat were established as distinct states. Following the Samyukta Maharashtra Movement, the state of Maharashtra was established for Marathi speakers.
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Aside from that, May 1 marks Labor Day. This day is observed to recognize the contributions of hardworking people and labor movements around the world. Workers organized numerous movements to advocate for their rights, fair salaries, and safe working conditions. Labor Day is observed in their honor.
Bank Holiday : Banks will be closed for eight days in May.
According to the RBI, bank holidays in India are divided into two groups. First, there are vacations under the Negotiable Instruments Act, followed by holidays due to bank account closures. There will be eight bank holidays in May. Aside from national and regional holidays, it also includes holidays on Sundays and the second and fourth Saturdays of each month.
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