Bank Holiday in India – 1st April
March 31st marks the last day of the current financial year in India. The next financial year, which is 2021-22, will begin on April 1st. All commercial and co-operative banking institutions remain closed on 1st April for customers to facilitate the ending of the previous financial year and the beginning of the new fiscal year so April 1 is regarded as a bank holiday in India.
Public as well as private banks dont cater to customers on the first day of the new financial year. The banks are closed for customers however it is open for their employees.
All agency banks, the RBI noted, are advised to keep all their branches dealing with government business open on Sunday, March 31st. On 1st April, the banks across India remain open just for their employees as the day is meant for bank account closing day.
According to RBI Statement “In consultation with the government, it has been decided that while the agency banks are to keep all their branches dealing with government business open on all days in the current financial year (including Saturday, Sunday and all holidays) as already advised, these branches need not be kept open on April 1,” as April 1 marks the beginning of the new financial year.
There is indeed a bit of confusion if the banks, public as well as private, would cater to customers or not on the first day of the next month and the new financial year: April 1.
April 1, Monday, will be the bank account closing day. While banks across India will remain open for their employees, they will not be dealing with customers.