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Economic Times
2 days ago
- Business
- Economic Times
Saturday bank holiday: Are banks open or closed today, May 31, 2025?
ET Online Saturday bank holiday Many people are often confused about whether the fifth Saturday of the month is a bank holiday. This is largely due to the Reserve Bank of India (RBI) rules governing bank holidays in India. According to RBI rules, banks are closed on the second and fourth Saturdays and Sundays of every month. Since not every month has a fifth Saturday, its irregular occurrence adds to the to RBI guidelines, the first, third, and fifth Saturdays of each month are working days for banks, unless they coincide with a public holiday or festival. This means that today (May 31, 2025) is a working day for banks as per RBI guidelines for all scheduled and non-scheduled banks. Bank holidays in June 2025: Check full list of state-wise bank holidays Bank customers can visit their nearest bank branch to conduct their banking transactions that require their physical presence. Here are some of the transactions for which you may need to visit bank: Cash deposit (especially large amounts): While ATMs allow deposits, large sums or deposits into certain accounts may need to be done at the branch. EPFO 3.0 roll out, free Aadhaar update, Form 16 for ITR filing: 7 money changes in June 2025; check details here Cash withdrawal (above ATM limits): For amounts exceeding ATM withdrawal limits or for specific denominations, a visit to a bank branch is required Opening or closing accounts: Account opening or closure usually involves in-person verification and signatures, which requires a bank visit. Loan application and document submission: Though online applications are possible, physical visits are often needed for signing documents, submitting hard copies, or verification. High-value Demand Draft (DD): DDs and pay orders for high amounts typically require branch visits and ID proof. KYC in bank account: At times, you may require a visit to a bank branch to undergo the periodic KYC and ensure the bank account is not held inactive. A bank holiday no longer disrupts access to essential financial services due to the rise of digital banking. Whether you need to transfer funds, pay bills, or check your account balance, digital banking has you covered. A bank customer can access digital banking options in various ways, including Net Banking, UPI apps, and mobile banking NetBanking, using NEFT, RTGS, and IMPS, which are operational 24/7, you can transfer funds instantly, even on bank holidays. This is particularly helpful for emergencies or last-minute payments. Further, money transfer can be via UPI apps as we enter the month of June, banks will remain closed on various occasions depending on the state, including festivals such as Id-ul-Ad'ha (Bakrid), Bakri Id (Id-Uz-Zuha), Sant Guru Kabir Jayanti, Saga Dawa, Ratha Yatra (Kang Rathajatra), and Remna the list below to know the dates
Time of India
2 days ago
- Business
- Time of India
Saturday bank holiday: Are banks open or closed today, May 31, 2025?
Many people are often confused about whether the fifth Saturday of the month is a bank holiday . This is largely due to the Reserve Bank of India (RBI) rules governing bank holidays in India. According to RBI rules, banks are closed on the second and fourth Saturdays and Sundays of every month. Since not every month has a fifth Saturday, its irregular occurrence adds to the uncertainty. Are banks open or closed today on May 31, 2025? According to RBI guidelines, the first, third, and fifth Saturdays of each month are working days for banks, unless they coincide with a public holiday or festival. This means that today (May 31, 2025) is a working day for banks as per RBI guidelines for all scheduled and non-scheduled banks. Bank holidays in June 2025: Check full list of state-wise bank holidays by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Bank customers can visit their nearest bank branch to conduct their banking transactions that require their physical presence. Transactions that usually require a bank visit Live Events Here are some of the transactions for which you may need to visit bank: Cash deposit (especially large amounts): While ATMs allow deposits, large sums or deposits into certain accounts may need to be done at the branch. EPFO 3.0 roll out, free Aadhaar update, Form 16 for ITR filing: 7 money changes in June 2025; check details here Cash withdrawal (above ATM limits): For amounts exceeding ATM withdrawal limits or for specific denominations, a visit to a bank branch is required Opening or closing accounts: Account opening or closure usually involves in-person verification and signatures, which requires a bank visit. Loan application and document submission : Though online applications are possible, physical visits are often needed for signing documents, submitting hard copies, or verification. High-value Demand Draft (DD): DDs and pay orders for high amounts typically require branch visits and ID proof. KYC in bank account: At times, you may require a visit to a bank branch to undergo the periodic KYC and ensure the bank account is not held inactive. Digital Banking option is also available A bank holiday no longer disrupts access to essential financial services due to the rise of digital banking. Whether you need to transfer funds, pay bills, or check your account balance, digital banking has you covered. A bank customer can access digital banking options in various ways, including Net Banking, UPI apps, and mobile banking apps. Via NetBanking, using NEFT, RTGS, and IMPS, which are operational 24/7, you can transfer funds instantly, even on bank holidays. This is particularly helpful for emergencies or last-minute payments. Further, money transfer can be via UPI apps as well. Bank holidays in June 2025 As we enter the month of June, banks will remain closed on various occasions depending on the state, including festivals such as Id-ul-Ad'ha (Bakrid), Bakri Id (Id-Uz-Zuha), Sant Guru Kabir Jayanti, Saga Dawa, Ratha Yatra (Kang Rathajatra), and Remna Ni. Check the list below to know the dates
Time of India
4 days ago
- Business
- Time of India
RBI's cloud storage facility to help localise data
Mumbai: RBI will promote data localisation by providing its own cloud services through the launch of Phase I of the Indian Financial Services (IFS) Cloud in 2025-26. Developed by its subsidiary IFTAS, the community cloud is designed exclusively for RBI and financial institutions to enhance data security, privacy, and operational efficiency while ensuring compliance with India's data localisation rules. The platform will offer affordable, scalable cloud services, enabling smaller banks and NBFCs to access advanced technology, reduce costs, and encourage collaboration with domestic tech firms. Ownership is expected to transfer to a consortium of financial sector players over time. The central bank will also upgrade e-Kuber, its core banking solution, with new modules for govt auctions, public debt management, and financial literacy. e-Kuber supports over 250 commercial banks and state govts, provides a single account structure, and handles real-time settlements such as RTGS and NEFT. Its cloud-native, API-first design improves scalability and flexibility to handle rising transaction volumes and digital initiatives. Further reforms include developing alternate digital payment and messaging systems with advanced features and modern standards to enhance security and user experience. RBI will introduce an AI governance policy to ensure responsible use of AI and machine learning by employees and partners, focusing on data protection and operational integrity. To tackle growing digital payment fraud, RBI plans to launch exclusive internet domains—' for banks and ' for financial services—with IDRBT as registrar. This aims to reduce phishing and cyber threats and strengthen trust in digital banking. These steps reflect RBI's focus on modernising India's payment infrastructure, enhancing security, and driving innovation amid rapid digitalisation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
RBI will modernise payment infrastructure security and innovation through cloud services and digital reforms
RBI will promote data localisation by providing its own cloud services through the launch of Phase I of the Indian Financial Services (IFS) Cloud in 2025-26. Developed by its subsidiary IFTAS, the community cloud is designed exclusively for RBI and financial institutions to enhance data security, privacy, and operational efficiency while ensuring compliance with India's data localisation rules. The platform will offer affordable, scalable cloud services, enabling smaller banks and NBFCs to access advanced technology, reduce costs, and encourage collaboration with domestic tech firms. Ownership is expected to transfer to a consortium of financial sector players over time. The central bank will also upgrade e-Kuber, its core banking solution, with new modules for govt auctions, public debt management, and financial literacy. e-Kuber supports over 250 commercial banks and state govts, provides a single account structure, and handles real-time settlements such as RTGS and NEFT. Its cloud-native, API-first design improves scalability and flexibility to handle rising transaction volumes and digital initiatives. Further reforms include developing alternate digital payment and messaging systems with advanced features and modern standards to enhance security and user experience. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo RBI will introduce an AI governance policy to ensure responsible use of AI and machine learning by employees and partners, focusing on data protection and operational integrity. To tackle growing digital payment fraud, RBI plans to launch exclusive internet domains—' for banks and ' for financial services—with IDRBT as registrar. This aims to reduce phishing and cyber threats and strengthen trust in digital banking. These steps reflect RBI's focus on modernising India's payment infrastructure, enhancing security, and driving innovation amid rapid digitalisation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
4 days ago
- Business
- Time of India
Bank holidays 2025: Are banks closed on May 29 for Maharana Pratap Jayanti?
NEW DELHI: Banks will remain closed in Himachal Pradesh on Thursday, May 29 in observance of Maharana Pratap Jayanti, according to the Reserve Bank of India's (RBI) state-wise holiday calendar. Tired of too many ads? go ad free now However, banks in the rest of the country will function as usual. Maharana Pratap Jayanti honours the birth anniversary of Maharana Pratap Singh, a legendary Rajput warrior king of Mewar. He was born on May 9, 1540 and the celebration follows the Hindu calendar, placing the holiday on May 29 this year. This regional holiday applies only to government and private banks in Shimla and other parts of Himachal Pradesh. If you're located in the state, physical banking services—such as branch visits, cheque clearances, cash deposits, and manual loan processing—will not be available today. However, digital banking services remain fully operational across the country. Customers can continue to use mobile apps, internet banking, ATMs, and services like NEFT, RTGS, and IMPS to carry out routine transactions such as bill payments and fund transfers without interruption. Earlier in May, banks were previously closed on May 9, 12, 16, and 26 in various states for other regional holidays. State-Wise Bank Holidays in June 2025 June 6 (Friday) – Id-ul-Ad'ha (Bakrid): Banks will remain closed in Kerala on account of Bakrid. June 7 (Saturday) – Bakri Eid (Id-Uz-Zuha): Banks will be closed in all states except Gujarat, Sikkim, Arunachal Pradesh, and Kerala. June 11 (Wednesday) – Sant Guru Kabir Jayanti / Saga Dawa: Banks will remain closed in Sikkim and Meghalaya. June 27 (Friday) – Ratha Yatra / Kang (Rathajatra): Banks will be closed in Odisha and Manipur. June 30 (Monday) – Remna Ni (Peace Day): Banks will be closed in Mizoram.
