May 2019 holidays: May 1 is International Labour Day. Also called May Day, the first day of the month of May is dedicated to the working class across the world, to raise awareness about their rights. It’s a public holiday in several states in India, with schools, colleges and government establishments remaining closed. In some states, May Day is a bank holiday too.
May 1 is also Maharashtra Day or Maharashtra Diwas, which is a state holiday as it celebrates the state formation day. The date holds special significance for Gujarat too as both states were formed on May 1, 1960 after Bombay State was dissolved.
So, to answer the question, May 1 is indeed a bank holiday, but not across India.
Here is a list of the bank holidays in May.
Bank holidays in May 2019
1 May 2019, Wednesday: Maharashtra (Maharashtra Day)
1 May 2019, Wednesday (May Day): Assam, Bihar, Goa, Karnataka, Kerala, Manipur, Punjab, Puducherry, Telangana, Tamil Nadu, Tripura, West Bengal
Parshuram Jayanti 7 May 2019 Tuesday Gujarat, Himachal Pradesh, Haryana, Madhya Pradesh, Rajasthan
7 May 2019, Tuesday (Birth Anniversary of Rabindranath Tagore): Tripura and West Bengal
7 May 2019 Tuesday (Parshuram Jayanti): Gujarat, Himachal Pradesh, Haryana, Madhya Pradesh, Rajasthan
16 May 2019, Thursday: Sikkim State Day
18 May 2019, Saturday (Buddha Purnima): Arunachal Pradesh, Andaman Nicobar Islands, Chhattisgarh, Delhi, Himachal Pradesh, Haryana, Jharkhand, Jammu and Kashmir, Maharashtra, Madhya Pradesh, Mizoram, Tripura, Uttarakhand, Uttar Pradesh, West Bengal
24 May, 2019, Friday (Birthday of Kazi Nazrul Islam): Tripura
31 May 2019, Friday (Jamat-ul-Wida): Jammu and Kashmir
(All efforts have been made towards providing accurate information regarding the holidays. However, some dates may change, and readers are requested to keep checking for updates)