Saturday Bank Holiday: Are Banks Open Or Closed On March 22?

With the financial year 2024-25 (FY25) coming to an end in a week, banks are swamped with meeting deadlines for transaction management to ensure accurate financial reporting. In view of the situation, the Reserve Bank of India has cancelled the public holiday on Mar. 31, which was initially designated for the Eid-Ul-Fitr festival.

Mar. 31 is the deadline for the current financial year, marking the end of FY25. 

Notably, last week many states had announced a holiday on Saturday to mark the festival of Holi, which was celebrated on both Mar. 14 and 15 across India. Subsequently, these developments have created confusion regarding whether banks will remain open or closed tomorrow, which marks the fourth Saturday of the month.

March began on a Saturday, resulting in five weekends. Typically, the RBI mandates that all banks observe a holiday on the second and fourth Saturday of a month. 

According to the RBI, the fourth Saturday, Mar. 22, will also be a holiday.

“All scheduled and non-scheduled banks will observe public holidays on second and fourth Saturdays,” the RBI website states. 

Bank holidays in India are designated based on an annual holiday calendar issued by the RBI. However, customers are still advised to check with their regional branches to avoid any inconvenience related to bank operations. 

To be clear, ATMs and online transactions are not disrupted even when banks are closed.

Mar. 22: Public holiday in Bihar to mark the occasion of  Bihar Diwas – formation of the state

Mar. 27-28: Public holiday in Jammu and Kashmir for Shab-E-Qadr, a significant day in the Islamic calendar. The union territory will also observe a holiday on Mar. 28, the last Friday of the month of Ramadan.

Mar. 31: The day was initially listed as a public holiday for Eid al-Fitr in all except Himachal Pradesh and Mizoram. However, RBI cancelled the holiday to facilitate the accounting of all government receipts and payments within FY25.