In phase 5 of the Lok Sabha election, voting will begin on May 20 for approximately 695 candidates from 49 constituencies across six states and two Union territories. This phase covers Odisha, Uttar Pradesh, Jharkhand, Ladakh, West Bengal, Maharashtra, Bihar, and Jammu and Kashmir. The Reserve Bank of India (RBI) has announced bank holidays in select cities for the election, including Belapur and Mumbai, but banks will not be closed nationwide.
The RBI classifies bank holidays into three categories: holidays under the Negotiable Instruments Act, holidays under the Negotiable Instruments Act and Real Time Gross Settlement Holidays, and bank account closures. In addition to the May 20 holiday, other bank holidays in May 2024 include Buddha Pournima on May 23 and Nazrul Jayanti on May 25, which coincides with Phase 6 of the Lok Sabha General Elections. Banks will also be closed on the fourth Saturday, May 25, and Sunday, May 26. Bank holidays vary by state and city, so customers planning to visit bank branches this week should be aware of the specific dates.
Despite the prevalence of digital banking via mobile apps, ATMs, and the Internet, there are still several reasons for customers to visit bank branches. These include handling transactions that exceed digital limits, foreign exchange services, account inquiries in other banks, loan closures or payments, and general account assistance. In May, there are nine special bank holidays, excluding the regular closures on the second and fourth Saturdays and Sundays. According to the Election Commission of India (ECI), citizens can only vote if their name is on the Voter List. Voters can access information about polling locations, candidates, election schedules, identity cards, and electronic voting machines (EVMs).
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