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Will banks remain closed for Onam on 7th & 8th September 2022?

Will banks remain closed for Onam on 7th & 8th September 2022? Onam is a cultural festival celebrated annually in Kerala. It is believed that the Great King Mahabali returns home on Onam. Will banks remain closed for Onam on 7th & 8th September 2022? To know the answer of the question, you can read the article given below.

Will banks remain closed for Onam on 7th & 8th September 2022?

Banks across India will not be closed during Onam but banks in Kerala will be closed to commemorate the festival. While public holidays are observed by all banks, the banks in some of the states observe regional festivals and holidays. Therefore, Banks in India are closed on the basis of the celebration of festivals in a particular state as festivals vary by state. The RBI compiles a list of bank holidays and their dates each year. The three categories under which Holidays come into effect in the banks are summarized below.

  • Holiday under Negotiable Instruments Act
  • Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday.
  • Banks’ Closing of Accounts

The Banks in Kerala will be closed on the following days:

  • September 7, 2022 – First Onam- Kochi, Thiruvanthapuram
  • September 8, 2022 – Thiruvonam- Kochi, Thiruvanthapuram
  • September 10, 2022 – Sree Narayana Guru Javanthi – Kochi, Thiruvanthapuram
  • September 21, 2022 – Sree Narayana Guru Samadhi Day- Kochi, Thiruvanthapuram

About Onam

Onam is a harvest festival celebrated in Kerala, India. It is marked by the harvest season of the standing crops. Onam Festival occurs during the Malayali month of Chingam (August – September) and commemorates the return of legendary King Mahabali. Onam honors the good governance under Mahabali’s rule, who ruled Kerala. Kerala will observe a bank holiday to commemorate this occasion.

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FAQs: Will banks remain closed for Onam on 7th & 8th September 2022?

Q1. What are the categories under which RBI observes bank holidays?
Ans. Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks Closing of Accounts are the three categories under which RBI observes bank holidays.
Q2. Who is responsible for the compilation of the list of bank holidays?
Ans. Reserve Bank of India or RBI is responsible for the compilation of the list of bank holidays every year.

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