Eight of the July bank holidays fall under the terms of the Negotiable Instruments Act
July 2023 Bank Holidays: According to the Holiday Calendar of the Reserve Bank of India (RBI), banks will be closed for 15 days in July 2023, including the second and fourth Saturdays, due to various holidays.
Eight of the July bank holidays fall under the terms of the Negotiable Instruments Act, while the rest are weekend holidays, including Saturdays and Sundays.
Under the Negotiable Instruments Act of 1881, the RBI has classified all bank holidays into four distinct categories: Holidays Under the Negotiable Instruments Act, Banks’ Closing of Accounts, and Real-Time Gross Settlement Holiday.
Despite the fact that there are 12 bank holidays in June, internet financial services will be accessible as usual. Also, customers should avoid visiting bank branches on the aforementioned dates to exchange the 2000 rupee notes, which, per RBI guidelines, must be completed no later than September 30, 2023.
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