Bank Holiday on 2nd and 4th Saturdays
THE Central Government has declared the second and fourth Saturday of every month as Public Holiday for banks in India with effect from the 1st day of September 2015.
This is done under Section 25 of the Negotiable Instruments Act, 1881 which reads as:
25. When day of maturity is a holiday. When the day on which a promissory note or bill of exchange is at maturity is a public holiday, the instrument shall be deemed to be due on the next preceding business day.
Explanation.- The expression "public holiday" includes Sundays and any other day declared by the Central Government, by notification in the Official Gazette, to be a public holiday.