Banks to remain closed for 12 days in May 2023; check full bank holiday list here Bank Holidays May 2023: Banks will remain closed for twelve days in May 2023 including weekends, according to the Reserve Bank of India’s holiday list. These holidays include second and fourth Saturdays, as well as Sundays. The central bank has placed the holidays under three brackets: Holidays under the Negotiable Instruments Act; Holidays under the Negotiable Instruments Act and Real-Time Gross Settlement Holidays; and Banks’ Closing of Accounts. Some of these bank holidays are state-specific. Banks remain closed on the second and fourth Saturdays of every month. In April, banks stayed closed for fifteen days, including second and fourth Saturdays and Sundays. On other Saturdays, banks stay operational full-day. Meanwhile, banks across the country remain closed on Sundays.Bank Holidays May 2023 May 1 – Maharashtra Day/May Day – Belapur, Bengaluru, Chennai, Guwahati, Hyderabad – Andhra Pradesh, Hyderabad – Telangana, Imphal, Kochi, Kolkata, Mumbai, Nagpur, Panaji, Patna and Thiruvananthapuram May 5 – Buddha Purnima – Agartala, Aizawl, Belapur, Bhopal, Chandigarh, Dehradun, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, Ranchi, Shimla and Srinagar May 9 – Birthday of Rabindranath Tagore – Kolkata May 16 – State Day – Gangtok May 22 – Maharana Pratap Jayanti – Shimla May 7 – Sunday May 13 – Second Saturday May 14 – Sunday May 21 – Sunday May 27 – Fourth Saturday May 28 – Sunday 29 June: Bakrid/ Eid al Adha 29 July: Muharram 15 August: Independence Day 16 August: Parsi New Year 31 August: Raksha Bandhan 7 September: Janmashtami 19 September: Ganesh Chaturthi 28 September: Eid e Milad 2 October: Gandhi Jayanti 21 October: Maha Saptami 22 October: Maha Ashtami 23 October: Maha Navami 24 October: Vijaya Dashami 12 November: Diwali 13 November: Deepavali Holiday 15 November: Bhai Dooj 27 November: Guru Nanak Jayanti 25 December: Christmas Day
However, that doesn’t take into account the fact that geopolitical tensions on the Middle East are undeniably rising again which will mean limited downside.”
In the U.S., oil drilling rigs were up by one at 501 last week, Baker Hughes said in its weekly report.JPMorgan forecasted 26 oil rigs to be added this year, most of them in the Permian during the first half of the year.
“The timing of drilling is paramount, as rig additions at the start of the year will contribute to 2H24 production growth,” the bank’s analysts said in a note.
“Despite an impressive 1 mbd of crude and condensate production growth in 2023, we expect 2024 supply to increase by only 400 kbd due to lower completions activity levels vs 2023.”
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