The Negotiable Instruments Act establishes bank holidays. Bank holidays are not observed in all states, and they differ depending on the state.
This weekend will be extended into the next week. On the festival of Buddha Purnima on May 16, Monday, the banks in Tripura, Belapur, Madhya Pradesh, Punjab and Haryana, Uttarakhand, Jammu, Uttar Pradesh, Maharashtra, New Delhi, Bengal, Chhattisgarh, Jharkhand, Himachal Pradesh and Srinagar would be closed.
May 14 is the second Saturday and May 15 is a Sunday, banks all throughout India will be closed for the weekend. As a result, banks in the aforementioned regions will have an extended weekend.
According to the rules, all banks in the country, including public, private, foreign, cooperative, and regional banks, will be closed on certain days that are notified by the country’s central bank under three categories: the Negotiable Instruments Act, Holiday, Real-Time Gross Settlement Holiday, and Banks’ Closing of Accounts.