Bank holiday today: Are banks shut on May 24, what RBI calender says
Banks across the country will remain closed today, on May 24, in observance of the fourth Saturday of the month.
According to the Reserve Bank of India's (RBI) official calendar, banks remain shut on every second and fourth Saturday.
Customers can verify whether banks are open or closed by checking the RBI's official website.
This holiday applies to all banks regulated by the RBI nationwide. Physical branch services such as cash deposits and withdrawals, account openings, cheque clearances, loan processing, approvals requiring manual intervention, and other documentation-related services will not be available today.
However, digital banking services remain operational. Customers can continue to use mobile banking apps, ATMs, and electronic payment systems like NEFT, RTGS, and IMPS to pay bills, transfer money, and carry out other transactions without interruption.
The RBI calendar also specifies regional bank holidays. Apart from weekends, upcoming holidays in May are:
May 26 on the occasion of the birthday of Nazrul Islam: Observed in Tripura
May 29 on the occasion of Maharana Pratap Jayanti: Observed in Himachal Pradesh
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
an hour ago
- Economic Times
RBI's next interest rate cut action likely in December
Reserve Bank of India may keep interest rates steady in August. However, further reduction is expected later this year. This follows a larger-than-expected cut aimed at boosting economic growth. Most institutions anticipate a rate cut in either October or December. The central bank will also lower the cash reserve ratio to inject liquidity. These measures surprised the markets. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Reserve Bank of India (RBI) is expected to hold interest rates in August but possibly make yet another reduction later this year, following its greater-than-expected cut on Friday aimed at bolstering growth.A poll by ET showed that eight out of 10 institutions expect a rate cut either in October or December while two do not expect any reduction until December. All participants expect a pause in August. Nomura is the only participant anticipating a25 bps rate cut in the October and December policy reviews. The next meeting of the RBI Monetary Policy Committee (MPC) is scheduled for August 4-6. A basis point is 0.01 percentage RBI announced a 50 bps reduction in the key repo rate to 5.50% — against expectations of a 25 bps cut — and shifted its stance to 'neutral' from 'accommodative'.Since then, economists and market participants have been debating the extent of further rate cuts that the central bank may take and by when, given governor Sanjay Malhotra's statement that monetary policy was left with limited space to support growth after having reduced the repo rate by 100 bps since February. He added that the future course of action by the MPC will be data other factors could come into play later in the year. 'The combination of a 50 bps repo rate cut and a shift in stance to neutral is a signal that the space for policy easing has been largely exhausted,' Nomura said. 'However, the policy outlook depends on the macro outlook. Beyond an August pause, we expect the easing cycle to continue and still see 5.00% as the terminal rate.'Possible uncertainties include the June-September monsoon, US tariffs and their impact on growth and the potential for inflation to come in below projections. Despite challenges, there's room for further reduction in the RBI's repo rate, most participants said. The monsoon made landfall earlier than scheduled and while the weather office has said it will be above normal, there's been a lull in rain in some parts of the country since then. Other areas have been hit by severe RBI will also lower the cash reserve ratio by 50 bps to 3% in phases, starting September, to infuse Rs 2.5 lakh crore liquidity in the system. Both measures — the extent of the rate cut and the CRR reduction — caught the markets off guard. 'Everything that had been forecast for this calendar year happened in one policy,' a bond trader said, reflecting the market's mood after the June 6 monetary policy the governor's statement on the limited space to support growth, some economists said the RBI is not just responding to short-term data, but is also aiming to help the Indian economy grow at its full potential. Malhotra has said that the aspiration is to grow at 8%, more than 6.5% projected by the central bank for FY26.
Time of India
an hour ago
- Time of India
Banks begin slashing lending rates after RBI's rate cut; home, small business loans to get cheaper
Mumbai: Banks have started to reduce lending rates, passing the benefit of the Reserve Bank of India's reduction of repo rate. This is expected to benefit home loan borrowers as well as small businesses, as most of these loans are linked to external benchmarks like the RBI's repo rate. Bank of Baroda and Punjab National Bank reduced repo-linked lending rate by 50 basis points each. Bank of Baroda's revised repo-linked lending rate (RLLR) now stands at 8.15% compared to 8.65%, while PNB's RLLR has come down to 8.35% from 8.85%. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like NYC Hotel Smartphone Booking | Bookmark Now! | New York City Hotel Booking | Mill Canyon Road Click Here Undo However, PNB has kept the marginal cost of fund-based lending rate (MCLR) unchanged. Kolkata-based UCO Bank announced 10 basis points reduction in MCLR. The revised MCLR now stands in the range of 8.15-9.00%. On Friday, the central bank slashed the repo rate by 50 basis points, taking the total reduction to 100 bps since February. Live Events
Time of India
an hour ago
- Time of India
Banks' proposal for tax relief on NPA interest under review
New Delhi: The government is reviewing a proposal from banks to exempt the interest earned on non-performing assets by amending the income tax law to align the definition of NPAs with that of the banking sector regulator, the Reserve Bank of India . The RBI classifies a loan as an NPA if the interest or principal remains overdue for more than 90 days, while the income-tax act classifies a loan NPA if this period is more than six months. "In May, these suggestions were made to the Department of Financial Services, which in turn flagged the issue with the revenue department in the finance ministry," said an official requesting anonymity, adding that separately a representation has also been made by the Indian Banks' Association , or IBA. A committee with tax officials, representatives from the industry and the Institute of Chartered Accountants of India has been tasked with the review of the draft income-tax law and is examining the issue, said another government official. Live Events The section 43D under the income tax act specifically provides for taxation of interest income from non-performing loans. It is taxed either on a realisation basis or as a credit to the statement of profit and loss, whichever is earlier. Lenders have also sought an increase in deduction for the provision made for NPA to up to 15% of the gross income from 8.5%. Under section 36(1)(viia) of the Income Tax Act, 1961, banks and financial institutions are allowed a deduction in respect of the provisions made for non-performing assets. The provision is also applicable to NBFCs and housing finance companies. The industry had in the past flagged the issue citing numerous litigation at various courts. If the government agrees to the proposed changes, banks' bottom lines will get a boost. As per current data, gross non-performing assets, or GNPAs, of scheduled commercial banks, or SCBs, stood at Rs 4.16 lakh crore as of Q4 FY25. "The NPA recognition principles are not clearly aligned, leading to instances where the tax department seeks to tax notional interest income on NPAs, even though such interest is not recognized in books due to RBI norms," Sandeep Sehgal, Partner- Tax, AKM Global, a tax and consulting firm said. This puts unjust tax liability on unrealised income as banks and financial institutions are required to pay tax on interest income beyond 90 days, Sehgal added.
