Banks across India will observe a holiday on Friday, February 28, but not in all states. Both public and private sector banks will be closed in some regions. Many customers are wondering why banks will not be operational on this day. Here, we explain why the Reserve Bank of India (RBI) has declared a bank holiday on Friday.
Banks to Remain Closed on February 28
February 28 marks the celebration of Losar, the Tibetan New Year festival, which is a significant occasion for the Tibetan Buddhist community. The festival is widely observed in Buddhist-majority areas such as Ladakh, Arunachal Pradesh, Sikkim, and Himachal Pradesh. Losar symbolizes new beginnings, prosperity, and spiritual purification. The celebrations include special prayers, traditional dances, colorful processions, and cultural programs in monasteries. People clean their homes, light lamps, and prepare festive dishes such as Gusthukha and Khabse. This festival brings joy and a sense of renewal, with hopes for a prosperous year ahead.
States Where Banks Will Be Closed on February 28
On Friday, February 28, banks in Arunachal Pradesh will remain closed in observance of Losar. The RBI has designated this holiday only for banks in Arunachal Pradesh, while banking services in all other states will continue as usual.