Banks closed on March 22 to commemorate Ugadi

Banks closed on March 22 to commemorate Ugadi

This article contains details of banks that will be closed on March 22 in lieu of Ugadi. It also includes which states will be impacted and what the festival is, and how it’s celebrated.

On March 22, 2023, banks will be closed in a few states in observance of the Gudi Padwa and Ugadi holidays, which are observed in Maharashtra, Karnataka, Telangana, and Andhra Pradesh. These celebrations herald the start of both the South Indian spring season and the Marathi new year.

For Gudi Padwa, Ugadi Festival, Bihar Divas, Sajibu Nongmapanba, Telugu New Year’s Day, and the first Navratra, banks are closed in Maharashtra, Karnataka, and Tamil Nadu, Telangana, Manipur, Jammu, Goa, Bihar, and Srinagar.

In addition to national holidays, each state has its own set of public holidays. The Reserve Bank of India publishes the holiday roster. Additionally, Sundays and the second and fourth Saturdays are bank holidays.

Banks in Gujarat, Maharashtra, Madhya Pradesh, Orissa, Chandigarh, Uttarakhand, Sikkim, Telangana, Rajasthan, Uttar Pradesh, Bihar, Jharkhand, and Shimla will be closed on March 30 (Thursday) in observance of Shree Ram Navami (Chaite Dashain).

Reserve Bank of India places its Holidays under three brackets;

  • Holiday under the Negotiable Instruments Act
  • Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday
  • Banks’ Closing of Account.

What is Ugadi or Gudi Pahwa?

Everywhere in the nation, the first day of Chaitra Navratri is observed with great fanfare. Chaitra Navratri, as per Hindu custom, occurs in the first month of the Chaitra Hindu lunar calendar. Chaitra Navratri, therefore, starts on the first day of the Chaitra month, which is also recognized as the Hindu New Year. In different states, this day has a unique significance.

While Maharashtra and Goa observe the same day as Gudi Padwa, Telangana, Andhra Pradesh, and Karnataka commemorate it as Ugadi. 

Andhra Pradesh, Telangana, and Karnataka observe Ugadi or Yugadi as the start of the New Year. Yug (era) and Adi are the two words that make up the phrase “Ugadi.” (new beginning). Yugadi thus represents fresh starts. This day is observed as the first day of the Hindu calendar because it is thought that Lord Brahma created the universe on this day.

Indian scholar Bhaskaracharya recognized Ugadi as the start of the new year in the 12th century. After a harsh winter, the celebration heralds the arrival of spring and warmer temperatures. This happy occasion is enjoyed with friends and family in happiness and closeness. For their loved ones, people also purchase gifts like new clothes, offer alms to charity, prepare special dishes, and visit temples to pray.

The day starts with devotion and a customary oil bath. Hindus observe several important traditions, including oil baths, flying a flag over your house, creating rangolis, and eating tender neem leaves. People congregate as well to hear the overall forecast for the upcoming year, or Panchanga, read aloud.

Panchanga Sravanam is a ritual in which a senior and esteemed individual reads the Panchanga of individuals based on their moon signs.

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