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What India's 21-Day Bank Closures Might Be Telling Us

Derek Wolfe

Updated: October 4, 2022

bank holiday banks closed
Editor’s Note:

EDITOR'S NOTE: It’s “Red October.” Russia just put a nuclear submarine into the waters; NATO is on alert. The Vatican Bank had all of its funds returned on October 1st. The broader US market continues to tumble. China is now dumping (all?) of its US dollar reserves. And now, India is closing all of its banks for 21 days in October. What happens next will likely leave you, along with all Americans, flabbergasted. Hint: BOOM! Hopefully, you’re all prepared for what this is leading up to.

Bank Holidays October 2022: As the festival month kicks in tomorrow, the banks will be remain closed for total 21 days. These holidays also include the regular holidays such as the second and fourth Saturdays of the month and Sundays. 

However, some of the bank holidays will be state-specific, and during national holidays, banks will remain shut across the country.

With Navratri, Durga Puja, Gandhi Jayanti, Dussehra, Diwali, and several other important festivals, falling in October, therefore banks will be shut on most of the days.

The Reserve Bank of India (RBI) has placed the holidays under three brackets- Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts

Here's the full list of Bank holidays in October:

October 1: Half Yearly Closing of Bank Account

October 2: Gandhi Jayanti and Sunday

October 3: Durga Puja (Maha Ashtami), banks will be closed in Agartala, Bhubaneswar, Guwahati, Imphal, Kolkata, Patna, Ranchi.

October 4: Durga Puja/Dusshera (Maha Navami)/Ayudha pooja/ Janmotsav of Srimanta Sankardeva. Banks will be closed in Agartala, Bhubaneswar, Chennai, Gangtok, Guwahati, Kanpur, Kochi, Kolkata, Lucknow, Patna, Ranchi, Shillong and Thiruvananthapuram.

October 5: Durga Puja/Dussehra (Vijaya Dashmi)/Janmotsav of Srimanta Sankardeva. Banks will be closed across India, except in Imphal.

October 6: Durga Puja (Dasain). Banks will be closed in Gangtok.

October 7: Banks will be closed in Gangtok.

October 8: Second Saturday and Milad-i-Sherif/Eid-i-Milad-ul-Nabi (Birthday of Prophet Muhammed). Banks will remain closed in Bhopal, Jammu, Kochi, Srinagar and Thiruvananthapuram.

October 9:  Sunday

October 13: Karva Chauth (Banks will remain closed in Shimla.

October 14: Friday following Eid-i-Milad-ul-Nabi (Bank will remain closed in Jammu and Srinagar

October 16: Sunday

October 18: Kati Bihu (Bank will remain closed in Guwahati)

22 October: Fourth Saturday

23 October: Sunday

October 24: Kali Puja/Deepavali/Diwali (Laxmi Pujan)/Naraka Chaturdashi (Banks will be closed across India, except in Gangtok, Hyderaband, Imphal)

October 25: Laxmi Puja/Deepawali/Govardhan Pooja (Banks will remain closed in Gangtok, Hyderabad, Imphal, Jaipur)

October 26: Govardhan Pooja/Vikram Samvant New Year Day/Bhai Bij/Bhai Duj/Diwali (Bali Pratipada)/Laxmi Puja/Accession Day (Banks will remain closed in Ahmedabad, Belapur, Bengaluru, Dehradun, Gangtok, Jammu, Kanpur, Lucknow, Mumbai, Nagpur, Shimla, Srinagar.)

October 27: Bhaidooj/Chitragupt Jayanti/Laxmi Puja/Deepawali/Ningol Chakkouba (Banks will remain closed in Gangtok, Imphal, Kanpur, Lucknow.

October 30: Sunday

October 31: Sardar Vallabhbhai Patel’s Birthday/Surya Pashti Dala Chhath (Morning ardhya)/Chhath Puja (Banks will remain closed in Ahmedabad, Patna, Ranchi.

Originally published on Live Mint.

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