2020: 39 Bank Holidays in India: Public + Saturday
Indian banking industry has seen tremendous changes in recent years because of technology innovation, hyper competition within Indian banks and foreign banks, new product launches by the government and many others. And all this demands, holidays to the bank employees every year; and there is no doubt about it.
And as we are on the verge of entering into the year 2020; here is the table showing list of bank holidays in 2020.
|Sr. No.||Bank Holiday Date||Type of Holiday||Weekday|
|1||01 Jan 2020||New Year’s Day||Wednesday|
|2||11 Jan 2020||Second Saturday||Saturday|
|3||25 Jan 2020||Fourth Saturday||Saturday|
|4||26 Jan 2020||Republic Day||Republic Day|
|5||08 Feb 2020||Second Saturday||Saturday|
|6||21 Feb 2020||Mahashivratri||Friday|
|7||22 Feb 2020||Fourth Saturday||Saturday|
|8||10 Mar 2020||Holi||Tuesday|
|9||14 Mar 2020||Second Saturday||Saturday|
|10||28 Mar 2020||Fourth Saturday||Saturday|
|11||10 Apr 2020||Good Friday||Friday|
|12||11 Apr 2020||Second Saturday||Saturday|
|13||14 Apr 2020||Dr Ambedkar Jayanti||Tuesday|
|14||25 Apr 2020||Fourth Saturday||Saturday|
|15||09 May 2020||Second Saturday||Saturday|
|16||23 May 2020||Fourth Saturday||Saturday|
|17||25 May 2020||Id-Ul-Fitr (Ramzan Id)||Monday|
|18||13 Jun 2020||Second Saturday||Saturday|
|19||27 Jun 2020||Fourth Saturday||Saturday|
|20||11 Jul 2020||Second Saturday||Saturday|
|21||25 Jul 2020||Fourth Saturday||Saturday|
|22||31 Jul 2020||Bakrid / Eid al Adha||Friday|
|23||08 Aug 2020||Second Saturday||Saturday|
|24||11 Aug 2020||Janmashtami||Tuesday|
|25||15 Aug 2020||Independence Day||Saturday|
|26||22 Aug 2020||Fourth Saturday||Saturday|
|27||31 Aug 2020||Muharram||Sunday|
|28||12 Sep 2020||Second Saturday||Saturday|
|29||26 Sep 2020||Fourth Saturday||Saturday|
|30||02 Oct 2020||Gandhi Jayanti||Friday|
|31||24 Oct 2020||Second Saturday||Saturday|
|32||26 Oct 2020||Dussehra||Monday|
|33||30 Oct 2020||Eid e Milad||Friday|
|34||14 Nov 2020||Fourth Saturday + Diwali||Saturday|
|35||28 Nov 2020||Second Saturday||Saturday|
|36||30 Nov 2020||Guru Nanak Jayanti||Monday|
|37||12 Dec 2020||Fourth Saturday||Saturday|
|38||25 Dec 2020||Christmas Day||Friday|
|39||26 Dec 2020||Second Saturday||Saturday|
There would be total 39 holidays for bank employees in India in 2020. Of which, 2 holidays fall on Sunday which is Republic Day and Muharram.
Note that, depending on the state, the bank employee lives in additional leaves are granted for the respective occasion celebrated in the state. For e.g. Pongal is holiday in state of Andhra Pradesh, Arunachal Pradesh, Pondicherry & Tamil Nadu but not Maharashtra
Advantages & Disadvantages of Bank Holidays on Economy
While there is no doubt that every employee needs holidays to energize himself/herself, spend quality time with the families; but there are good and bad of having too many holidays. Although there is no proven statistical relationship between holidays and a country’s economy, there are positive and negative effects of having so many holidays a year.
(1) As bank employees or any normal public takes holidays; there is an increase in shopping spends, dining, travel, etc; which directly and indirectly benefits various industries (small or large) thereby fueling the country’s GDP; as they are inter dependent on each other. For e.g. increase in travelers, increases the occupancy in hotels.
(2) Biggest benefit is the health of the employee; as it reduces stress, increases productivity and creativity, boosts emotional stability.
(1) Especially during consecutive holidays or long weekends i.e. holiday on Friday and/or Monday along with Saturday and Sunday off; the profitability of the bank drops. ATM machines typically dry out, individuals cannot make large purchases in cash since ATMs are out of cash often.
(2) More expenses for companies, as they have to pay employees even during the holidays.
(3) Problems are created for normal public due to bank closure. For e.g. they cannot withdraw cash from the bank. So in places where cash is essential, products/services cannot be purchased due to non-availability of cash.
(4) Stock markets, bonds markets are closed for trading because of which foreign inflow of money stops on the holidays in addition to the domestic investment.
(5) In companies where contract workers are paid hourly; they will not get paid on the holidays; depending on the contract term.
This article has been written by Chandra Mehta.
Chandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).