Bank’s Holiday in April 2022: Is April 1st a Bank Holiday? History of Banks Being Closed on First of April Due to the Early Closing of Accounts
As we prepare to close another financial year, banks will be loaded with the responsibility of settling their books for the current financial year and beginning the new year with vigour.
Every year, come April 1, the confusion and dismay around the function of the banks across India rise once again. Marking the closing of the financial year on March 31, April 1, has long been considered the Bank’s Holiday in India. And while the inability of many regular customers to access the banking services at the branch has led to a series of Bank Holiday jokes, it is crucial to understand the reality of this day. Are Banks closed on April 1 is a commonly asked question. And while many banks may not entertain customer services, the employees are still vigorously working at the back end. As we inch closer to Bank’s Holiday 2022 on April 1, here is everything you need to know about this day and why it is significant.
Is April 1 a Bank Holiday?
As mentioned before, April 1 is not a bank holiday. Even though various governments declare that banks are closed for regular customer transactions at the branches on this day, employees continue to function on multiple other aspects of the bank’s role. Interestingly, various private sector banks have done away with the holiday altogether over the past few years and function normally on April 1.
History of Banks Being Closed on April 1
April 1 marks the beginning of the new financial year. Traditionally, banks were under a strict and tight schedule to clear their backlog and settle their books for the financial year that closes on March 31. In efforts to make this process comparatively easier, banks closed their business for regular customers on this day. This is where the notion of April 1 being a Bank Holiday began.
As we prepare to close another financial year, banks will be loaded with the responsibility of settling their books for the current financial year and beginning the new year with vigour. And while we may continue to joke around about the observance of Bank’s Holiday in India on April 1, we hope that the actual history behind this day and the fact that the employees, ironically overwork on these days, are acknowledged by one and all.
(The above story first appeared on LatestLY on Mar 25, 2022 03:37 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).