2020: 39 Bank Holidays in India: Public + Saturday

Bank Holidays in India - 2020

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 DateType of HolidayWeekday
101 Jan 2020New Year’s DayWednesday
211 Jan 2020Second SaturdaySaturday
325 Jan 2020Fourth SaturdaySaturday
426 Jan 2020Republic DayRepublic Day
508 Feb 2020Second SaturdaySaturday
621 Feb 2020MahashivratriFriday
722 Feb 2020Fourth SaturdaySaturday
810 Mar 2020HoliTuesday
914 Mar 2020Second SaturdaySaturday
1028 Mar 2020Fourth SaturdaySaturday
1110 Apr 2020Good FridayFriday
1211 Apr 2020Second SaturdaySaturday
1314 Apr 2020Dr Ambedkar JayantiTuesday
1425 Apr 2020Fourth SaturdaySaturday
1509 May 2020Second SaturdaySaturday
1623 May 2020Fourth SaturdaySaturday
1725 May 2020Id-Ul-Fitr (Ramzan Id)Monday
1813 Jun 2020Second SaturdaySaturday
1927 Jun 2020Fourth SaturdaySaturday
2011 Jul 2020Second SaturdaySaturday
2125 Jul 2020Fourth SaturdaySaturday
2231 Jul 2020Bakrid / Eid al AdhaFriday
2308 Aug 2020Second SaturdaySaturday
2411 Aug 2020JanmashtamiTuesday
2515 Aug 2020Independence DaySaturday
2622 Aug 2020Fourth SaturdaySaturday
2731 Aug 2020MuharramSunday
2812 Sep 2020Second SaturdaySaturday
2926 Sep 2020Fourth SaturdaySaturday
3002 Oct 2020Gandhi JayantiFriday
3124 Oct 2020Second SaturdaySaturday
3226 Oct 2020DussehraMonday
3330 Oct 2020Eid e MiladFriday
3414 Nov 2020Fourth Saturday + DiwaliSaturday
3528 Nov 2020Second SaturdaySaturday
3630 Nov 2020Guru Nanak JayantiMonday
3712 Dec 2020Fourth SaturdaySaturday
3825 Dec 2020Christmas DayFriday
3926 Dec 2020Second SaturdaySaturday

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

India ranks in top 3 countries of the world with highest number of paid public holidays

Source: CNN Money

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.

Advantages:

(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.

Disadvantages:

(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.

Author Bio:

This article has been written by Chandra Mehta.

CL MehtaChandra 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).

He can be reached at [email protected]. You may also visit his LinkedIn profile.

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