International Financial Services Centres Authority (IFSCA) issued a circular to all IFSC Banking Units (IBUs) regarding public holidays and banking business hours. The circular defines public holidays to include Sundays and days declared as holidays by the state government under Section 25 of the Negotiable Instruments Act, 1881. It specifies that IBUs must follow the public holiday schedule for banks in Gujarat, including the second and fourth Saturdays of each month. Banking business hours for IBUs are set from 9:45 a.m. to 5:30 p.m. during working weekdays and Saturdays. IBUs are required to arrange additional services beyond regular business hours to cater to specialized client needs. IBUs must communicate these hours to both the IFSCA and their clients. This circular is issued under the powers of the IFSCA Act, 2019, and is effective immediately.
INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY
IFSCA-FMPP0BR/5/2024-Banking/1 Dated: January 17, 2025
To,
All IFSC Banking Units
Dear Madam/Sir,
List of Public Holidays and banking business hours for IBUs
1. Applicability
This circular shall apply to all IBUs
2. Definitions:
i. The expression ‘Public Holiday’ includes Sundays and any other day declared as such by the State Government, by notification in the Official Gazette, under Section 25 of the Negotiable Instruments Act, 1881 (26 of 1881).
ii. The term ‘Banking Business Hours’ are the minimum number of hours that IBU shall provide services from its premises in IFSC.
3. Public Holidays for IBUs:
i. IBUs shall observe the list of Public Holidays for banks in Gujarat as notified by the Government of Gujarat 1. (copy annexed)
ii. IBUs shall observe Public Holiday on second and fourth Saturdays of every month
4. The banking business hours of IBUs shall be from 9:45 a.m. to 5:30 p.m. during working weekdays and working Saturdays.
5. IBUs shall make necessary arrangements to provide banking services beyond the banking business hours to meet the specialised banking service requirements of its clients.
6. IBUs shall communicate its banking business hours, including business hours to meet specialised banking service requirements of its clients, to the Authority and to its clients and other constituents.
7. This circular is issued in exercise of the powers conferred by Section 13 of the International Financial Services Centres Authority Act, 2019, read with Regulation 20 of the International Financial Services Centres Authority (Banking) Regulations, 2020 (as amended), and shall come into force with immediate effect.
Yours faithfully,
Supriyo Bhattacharjee
Chief General Manager
Head, Department of Banking
Annex
Notes:-
1 List of Public Holidays for 2025 notified in Part III of Notification no. GS/26/2024/605/GH dated November 14, 2024 of GAD, Government of Gujarat
2 As per DFS, MOF notification no. F.No.4/1/7/2015-IR dated August 20, 2015
