Bank holiday for Lok Sabha elections: Banks closed today in several cities for Phase 5 voting - check list

TOI Business Desk / TIMESOFINDIA.COM / May 20, 2024, 13:06 IST

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Today marks the fifth phase of voting for the 18th Lok Sabha elections, leading to bank closures in Mumbai, Lucknow, and Belapur. Maharashtra government mandates a paid holiday for workers who are eligible voters, aligning with May bank holidays. RBI categorizes holidays under different categories, and specific bank holidays in May will impact operations in Tripura, Mizoram, and Chandigarh.

Bank holiday for Lok Sabha elections: Banks closed today in several cities for Phase 5 voting - check list

Bank holiday for Lok Sabha elections: Today, May 20, marks the fifth phase of voting for the 18th Lok Sabha elections. As a result, banks in several cities are closed to facilitate the voting process. Here's a detailed look at the affected cities and other important information related to this bank holiday.

Cities where banks will be closed on May 20

According to the RBI bank holiday list, banks will be closed in the following cities for phase five of the Lok Sabha elections:
- Mumbai

- Lucknow
- Belapur

States and UTs participating in Phase 5 elections

The fifth phase of elections will take place in the following states and Union Territories:
- Bihar
- Jharkhand
- Maharashtra
- Odisha
- Uttar Pradesh
- West Bengal
- Jammu and Kashmir
- Ladakh
ALSO READ | Bank holidays in May 2024: Banks are closed for up to 14 days; check state-wise list here

Government holidays and employee rights

According to an ET report, the Maharashtra government has issued a circular mandating a paid holiday for workers, officers, and employees who are voters in the election regions.

This ensures that all eligible voters can exercise their voting rights during the Lok Sabha General Election 2024.

May bank holidays

In addition to the election-related closures, several other holidays in May will affect bank operations. Key holidays include:
- Maharashtra Din/May Day (Labour Day)
- Birthday of Rabindranath Tagore
- Basava Jayanti/Akshaya Tritiya
- State Day
- Buddha Purnima
- Nazrul Jayanti

Specific bank holidays in May

- May 23: Buddha Pournima (Thursday) - Banks will be closed in Tripura, Mizoram, Madhya Pradesh, Chandigarh, Uttar Pradesh, Arunachal Pradesh, Jammu, Lucknow, Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, Srinagar.
- May 25: Nazrul Jayanti/Lok Sabha General Elections 2024 (Fourth Saturday) - Banks will be closed in Tripura and Orissa.

RBI holiday categories

The Reserve Bank of India categorizes holidays into three types:
1. Holidays under the Negotiable Instruments Act.
2. Holidays under the Negotiable Instruments Act and Real Time Gross Settlement Holidays.
3. Banks' Closing of Accounts.

About the Author

TOI Business Desk

The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.

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