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Summary:

The Reserve Bank of India (RBI) categorizes bank holidays into three distinct types: those observed under the Negotiable Instruments Act, RTGS (Real-Time Gross Settlement) holidays, and holidays for bank account closing.

News Article:

RBI Clarifies Bank Holiday Categories: Negotiable Instruments Act, RTGS, and Account Closing

MUMBAI – The Reserve Bank of India (RBI) has streamlined the understanding of bank holidays by officially categorizing them into three distinct groups. This clarification aims to provide greater transparency and awareness for banking customers.

The three categories are:

  • Negotiable Instruments Act Holidays: These are the most common type of bank holidays, observed across the country or in specific regions, and are mandated under the Negotiable Instruments Act of 1881.
  • RTGS Holidays: These are holidays specifically affecting the Real-Time Gross Settlement (RTGS) system, a system used for large-value fund transfers. On these days, RTGS services may be limited or unavailable.
  • Bank Account Closing Holidays: These are designated days when banks close accounts for annual reconciliation and other related processes.

The RBI’s categorization is expected to assist the public in planning their banking transactions more effectively, taking into consideration the different impacts of each type of holiday. Customers are advised to check with their individual banks for specific details regarding holiday schedules and service availability.

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