Bank Holiday: Banks in some cities to remain closed on May 5, here's why

Tomorrow on May 5, 2023, the momentous and grand festival of Buddha Purnima is scheduled to be celebrated with much fervor and enthusiasm throughout the country. On account of this auspicious occasion, it has been declared that numerous banks situated across several states will remain closed, which could potentially cause a degree of inconvenience to customers who may have urgent banking needs or requirements. A wide variety of transactions ranging from depositing checks to acquiring demand drafts, and even conducting money withdrawals, among other things, may be disrupted and put on hold during this designated bank holiday.

To assist and aid customers with their planning and preparation, the Reserve Bank of India has taken the proactive initiative of releasing a comprehensive and detailed list of bank holidays well in advance. As far as Buddha Purnima in 2023 is concerned, banks located in numerous cities including Agartala, Aizawl, Belapur, Bhopal, Lucknow, Chandigarh, Dehradun, Jammu Kashmir, Kolkata, Mumbai, Nagpur, New Delhi, Ranchi, Shimla, and Srinagar are set to remain closed. Therefore, if you happen to reside in any of these aforementioned cities, it would be highly advisable and prudent for you to wrap up any and all crucial bank-related activities well in advance, and preferably on the preceding day.

Furthermore, in addition to the Buddha Purnima celebrations, the month of May is marked by an additional ten bank holidays, which include a diverse range of occasions like Rabindranath Tagore Jayanti, Maharana Pratap Jayanti, and other regional events. The extensive list of bank holidays for the month of May includes May 7 (Sunday), May 9 (Rabindranath Tagore Jayanti in Kolkata), May 13 (second Saturday), May 14 (Sunday), May 16 (Sikkim Statehood Day), May 21 (Sunday), May 22 (Maharana Pratap Jayanti in Shimla), May 24 (Kazi Nazrul Islam Jayanti in Tripura), May 27 (fourth Saturday), and May 28 (Sunday).

It is worth noting that, in the event of a bank holiday, customers are advised and encouraged to utilize digital channels such as net banking, mobile banking, and UPI in order to carry out important and critical banking activities. Through the convenience of mobile banking and net banking, individuals can effortlessly and seamlessly transfer funds and money between various accounts, while ATMs can be utilized for efficient and swift cash withdrawals. Additionally, in recent times, UPI has emerged as an increasingly popular and trendy mode of conducting digital transactions and payments, and is certainly worth considering and exploring further.

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