Bank Holiday on May 1, 2024: Why Banks Are Closed Today? Check State-Wise List and Complete Details

Bank holidays in May 2024

Due to weekend closures, religious holidays, and the Lok Sabha Elections, bank customers should prepare for a number of non-working days in May 2024. The list of bank holidays for the upcoming month, which includes Sundays and the second and fourth Saturdays, is available from the Reserve Bank of India (RBI). The list might include up to 14 days.

Usually, the RBI works with state governments to decide on the bank holiday calendar. Regional holidays can also change according to state-specific customs and traditions. Furthermore, the 2024 Lok Sabha elections could have an effect on which states’ bank holidays fall on.

Are banks closed on May 1?

According to the RBI, banks will remain closed in certain states on May 1 due to Labour Day and Maharashtra Day observances. Maharashtra Day is recognized as a state holiday in Maharashtra, celebrated on May 1 to mark the formation of the state.

Additionally, International Labour Day, also known as May Day or Labour Day, commemorates workers and is endorsed by the International Labour Movement. Consequently, banks will be closed in Tamil Nadu, Assam, Andhra Pradesh, Telangana, Manipur, Kerala, Maharashtra, Karnataka, West Bengal, Goa, and Bihar on Wednesday.

Check complete list of bank holidays in May 2024: 

The three primary categories of bank holidays in India are: holidays under the Negotiable Instruments Act, holidays under the Negotiable Instruments Act Real Time Gross Settlement Holidays, and bank closings of accounts. These categories are established by the Reserve Bank of India. It’s crucial to remember that regional bank holidays might change between states and even between banks in the same nation.

In May 2024, banks across India will observe a total of 14 holidays, including Sundays and the second and fourth Saturdays, as per the Reserve Bank of India’s holiday calendar schedule. On May 1, 2024, banks in select states will remain closed to commemorate Maharashtra Day and May Day, according to the RBI holiday list.

Here’s a breakdown of the states where banks will be closed on May 1:

Maharashtra
Karnataka
Tamil Nadu
Assam
Andhra Pradesh
Telangana
Manipur
Kerala
West Bengal
Goa
Bihar

What is May Day?

Every year on May 1st, May Day is a global public holiday honoring the labor movement’s contributions to society and the economy. Also referred to as Labor Day or International Workers’ Day, it honors the efforts and sacrifices made by workers all around the world.

May Day’s beginnings can be found in labor movements’ late 19th-century campaigns for improved working conditions, such as an eight-hour workday. The Haymarket affair, which took place in Chicago on May 4, 1886, during a widespread walkout for an eight-hour workday, is commemorated on this date. A bomb went off during a peaceful march, turning it into a violent incident that claimed the lives of numerous police officers and citizens.

Since then, May Day has evolved into a global day of solidarity for laborers, marked by marches, protests, and rallies advocating for improved working conditions, fair pay, and workers’ rights. It’s a moment to acknowledge the achievements of the labor movement and recognize the persistent challenges faced by workers worldwide.

Alongside its historical significance, May Day is celebrated internationally with diverse customs such as marches, speeches, dances, musical performances, and the symbolic waving of the red flag, emblematic of the ongoing struggle for workers’ rights. Ultimately, May Day serves as a poignant reminder of the significance of workers’ rights and the ongoing global pursuit of social and economic justice.

What is Maharashtra Day?

Maharashtra Day, also known as Maharashtra Din, is a significant state holiday celebrated in the Indian state of Maharashtra to commemorate the establishment of the state. Every year on May 1, Maharashtra Day is observed to honor the formation of Maharashtra following the enactment of the States Reorganisation Act, 1956, which delineated state boundaries based on linguistic principles.

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Established officially in 1960, the state of Maharashtra holds this day in remembrance, leading to the closure of banks in the state on May 1st. In addition to Maharashtra Day, banks across several states will also remain closed due to the observance of Labour Day on May 1st. Labour Day, also known as International Workers Day, is celebrated globally to honor the contributions of workers and the labor movement.

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It serves as a platform to advocate for fair wages, improved working conditions, and social justice. Labour Day is observed under various names across different states of India, including Kamgar Din in Hindi, Karmikara Dinacharane in Kannada, Kamgar Divas in Marathi, Karmika Dinotsavam in Telugu, Uzhaipalar Dhinam in Tamil, Thozhilali Dinam in Malayalam, and Shromik Dibosh in Bengali.

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According to the Reserve Bank of India’s holiday calendar, banks in several states, including Tamil Nadu, Assam, Andhra Pradesh, Telangana, Manipur, Kerala, Karnataka, West Bengal, Goa, and Bihar, will remain closed on May 1st in observance of Labour Day and Maharashtra Day.