Is Raksha Bandhan 2023 on August 30th or 31st? Know When Will the Banks Remain Shut - Must Check

Raksha Bandhan 2023: As this month comes to a close, the bank holiday for Rakshabandhan remains a topic of confusion for many. Raksha Bandhan holds significance for Indians, symbolising the bond between siblings as sisters tie rakhi on their brothers' wrists, wishing them well. Yet, this year's holiday on August 30 or August 31 is shrouded in uncertainty due to the influence of Bhadra Kaal.

In the year 2023, Raksha Bandhan is scheduled for August 30th, falling on a Wednesday. The favorable period for performing the Rakhi ceremony and observing Raksha Bandhan traditions will commence after 9:01 pm, right after the Bhadra phase concludes.

Banks Shut on Raksha Bandhan 2023

As per the Reserve Bank of India (RBI) Holiday list, banks are set to observe closures on the occasion of Rakshabandhan across several cities in the country. However, the specific dates vary based on the location. Nevertheless, it's important to understand that bank holidays in India vary across states, as they are determined by the festivals and special occasions observed in specific regions or states. This diversity leads to a range of holiday schedules across the country.

According to the RBI holiday calendar, banks will be closed for Rakshabandhan in Jaipur and Shimla on Wednesday, August 30. In addition, for the observance of Sree Narayana Guru Jayanthi/Pang-Lhabsol and another festival, banks in cities like Dehradun, Gangtok, Kanpur, Kochi, Lucknow, and Thiruvananthapuram will remain closed on Thursday, August 31.

Online services and ATMs to functions

Importantly, even with the closure of branches, people can conveniently address their banking requirements through online banking services. This enables them to perform transactions, monitor account balances, and engage in other crucial banking tasks from the convenience of their homes.

The Reserve Bank of India (RBI) has categorized holidays into three groups: Holidays under the Negotiable Instruments Act; Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays; and Banks' Closing of Accounts. This system helps provide clarity and structure regarding banking closures and operations.

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