India Bank Holidays: Banks Closed on Feb 28 & Mar 1 – Check Full List 2024

Banks across India will be closed on February 28th and March 1st for a weekend holiday, according to the Reserve Bank of India (RBI).

The closure encompasses both public and private lenders, including the State Bank of India (SBI), as part of a schedule listing nine holidays for the month. This includes standard weekend breaks for second and fourth Saturdays, and all Sundays, the RBI stated.

Unless a specific public or regional holiday is declared, banks typically operate on the first, third, and fifth Saturdays of each month. However, regional variations in bank holiday schedules are common, and customers are advised to confirm the specific holiday calendar with their local branch, particularly in anticipation of emergencies or extended closures.

While physical bank branches will be inaccessible on these days, the RBI confirmed that online and mobile banking services will remain operational, barring any unforeseen technical issues communicated to users. ATMs will also continue to provide cash withdrawal facilities, and Unified Payments Interface (UPI) transactions are expected to function normally.

The RBI’s annual holiday calendar is established under the provisions of the Negotiable Instruments Act, which governs the use of cheques and promissory notes. Transactions involving these instruments will not be processed during the listed holidays.

Recent regulatory actions by the RBI also include a ban on “dark patterns” used by banks, signaling a broader effort to enhance trust and transparency within the Indian banking sector. The RBI recently blocked a bid by SBI to increase its stake in an Investec joint venture, according to reports.

SBI Chairman Dinesh Khara recently stated that India’s extended transition period for credit loss norms will help to mitigate the impact on banks, according to Reuters.