Bank holidays on Republic Day 2024 weekend: Is it a three-day holiday weekend for banks? Know details here | India Business News

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Bank holidays on Republic Day 2024 weekend: As the week unfolds, banks are preparing for a three-day weekend, with closures scheduled starting from Friday, i.e., January 26, 27, and 28. The month of January 2024 brings a total of 16 holidays for banks, including the second and fourth Saturdays, Sundays, and various regional holidays.
The Reserve Bank of India (RBI) is the authority responsible for releasing the list of bank holidays. This compilation is based on several factors such as national/state holidays, cultural or religious observances, operational requirements, government announcements, and coordination with other banks.

Here are the key dates when banks will remain closed this week:

January 23 (Tuesday): Gaan-Ngai
Banks are closed in Manipur due to the Gaan-Ngai festival.
January 25 (Thursday): Thai Poosam/Birthday of Md. Hazarat Ali
Tamil Nadu, Maharashtra, and Uttar Pradesh will observe bank closures on this day.
January 26 (Friday): Republic Day
In observance of Republic Day, banks will be closed across India. This year, the holiday falls on a Friday, creating an extended weekend as it is followed by the regular fourth Saturday and Sundays.
January 27 (Fourth Saturday): Weekend Closure
January 28 (Sunday): Weekend Closure
Additionally, there was a half day working on January 22, as per an order issued by the Ministry of Finance on January 18. Public sector banks (PSBs) and regional rural banks observed a half-day off for the Ram temple consecration ceremony in Ayodhya.
On January 22, banks in some states and cities like Imphal, Kanpur, Lucknow, and Panaji were closed due to the consecration ceremony of Lord Shri Ram in the temple built in the Shri Ram Janmabhoomi complex/Imoinu Iratpa, as per the RBI holiday calendar. Notably, these closures are recognized as holidays under the Negotiable Instruments Act.
Private bank branches in Uttar Pradesh, including major lenders such as HDFC Bank and Axis Bank, were also closed on January 22, 2024. HDFC Bank observed a full-day closure in UP and Uttarakhand, while Axis Bank remained closed for the entire day in Uttar Pradesh.



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