Are Banks Closed On May 1? Check The Details

May 1, celebrated globally as International Workers' Day (or May Day/Labour Day), honours the achievements and contributions of workers worldwide. Stemming from the historic struggles of labour movements, this day commemorates the fight for workers' rights, fair wages, and improved working conditions. May 1 is a day to reflect on the sacrifices made by those who campaigned tirelessly for the eight-hour workday, weekends and other fundamental labour rights we often take for granted today. It's an occasion to recognise the dignity of labour and the vital role workers play in shaping our societies and economies.

May 1 is also celebrated as the foundation day of the states of Gujarat and Maharashtra. The Reserve Bank of India (RBI) has announced May 1 as a bank holiday under the Negotiable Instruments Act.

State-wise list of bank holidays on May 1

As per the RBI list, banks will remain closed on this day in 11 states. These are: Maharashtra, Karnataka, Tamil Nadu, Assam, Andhra Pradesh, Telangana, Manipur, Kerala, Bengal, Goa and Bihar.

Banks will remain closed for a total of 13 days in the month of May, as per the RBI calendar. These closures include public holidays, regional holidays, and regular closures on second and fourth Saturdays and all Sundays. In the case of state-specific festivals, the banks will remain shut only in those states.

What is May Day?

May Day, celebrated on May 1, has historical significance as both a traditional spring festival and an international labour holiday. It has roots in ancient pagan festivals celebrating the arrival of spring and the fertility of the land. Over time, it evolved into a day associated with workers' rights and labour movements.

The modern observance of May Day as International Workers' Day began in the late 19th century. It commemorates the Haymarket affair, which took place in Chicago in 1886, where labour activists protested for an eight-hour workday. The peaceful protest turned violent, leading to the deaths of several demonstrators and police officers. As a result, May 1st became a symbol of solidarity and remembrance for workers' struggles around the world.

How people celebrate May Day?

May Day is celebrated globally with various events, including rallies, marches, and demonstrations, advocating for workers' rights, fair wages, and improved working conditions. It serves as a reminder of the ongoing fight for social and economic justice and the importance of solidarity among workers worldwide.