Hyderabad: As May 1 is celebrated as Maharashtra Day and International Labour Day, banks across Hyderabad and several other Indian cities will remain closed. In addition to this, the Reserve Bank of India (RBI) has announced 11 other bank holidays for May 2023.
Other cities where banks will remain shut on May 1 are Belapur, Bengaluru, Chennai, Guwahati, Imphal, Kochi, Kolkata, Mumbai, Nagpur, Panaji, Patna, and Thiruvananthapuram.
List of bank holidays in May
The RBI has announced a total of 12 bank holidays for May 2023, which include four Sundays and the second and fourth Saturdays. Six of these holidays are recognized under the Negotiable Instruments Act. It’s important to note that bank holidays may vary from state to state, so not all banks across the country will be closed on all 12 days.
Below is the list of bank holidays in the month of May 2023
- May 1: Maharashtra Day/May Day
- May 2: Municipal Corporation Elections, 2023 (Shimla)
- May 5: Buddha Purnima
- May 7: Sunday
- May 9: Birthday of Rabindranath Tagore
- May 13: Second Saturday
- May 14: Sunday
- May 16: State Day (Sikkim)
- May 21: Sunday
- May 22: Maharana Pratap Jayanti (Himachal Pradesh)
- May 27: Fourth Saturday
- May 28: Sunday
The banks across Hyderabad will remain closed on May 1, 7, 13, 14, 27 and 28.
Types of banks in Hyderabad and other Indian cities
India has various types of banks, each with its unique features and functions. Here’s a list of some of the types of banks in India:
Public Sector Banks: These banks are owned and operated by the government of India. Examples include the State Bank of India, the Bank of Baroda, and the Punjab National Bank.
Private Sector Banks: These banks are owned and operated by private companies or individuals. Examples include HDFC Bank, ICICI Bank, and Axis Bank.
Co-operative Banks: These banks are owned and operated by their members. Examples include Saraswat Bank, Abhyudaya Co-operative Bank, and Cosmos Bank.
Regional Rural Banks: These banks are established to provide banking facilities in rural areas. Examples include Andhra Pragathi Grameena Bank, Baroda Rajasthan Kshetriya Gramin Bank, and Chhattisgarh Rajya Gramin Bank.
Payment Banks: These banks are licensed to provide only limited services, such as accepting deposits and making payments. Examples include Airtel Payments Bank, India Post Payments Bank, and Paytm Payments Bank.
Small Finance Banks: These banks are established to provide banking facilities to small businesses and low-income households. Examples include Ujjivan Small Finance Bank, Equitas Small Finance Bank, and Fincare Small Finance Bank.
Foreign Banks: These banks are owned and operated by foreign entities. Examples include Citibank, Standard Chartered Bank, and HSBC.
Most of these types of banks are located in Hyderabad too.