The boat, which was crossing the Duhthahwaddy River from Shwe Sar Yan Pagoda to Nagayone Pagoda when the it capsized on Friday, occurred on the full moon day of the Burmese month of Tapaung, an important religious day on the Burmese calendar.
The government, as well as state-owned newspapers, did not announce the accident, after which sources said authorities banned all engine boats from crossing the river.
While it is still unclear why the boat capsized, a journalist in Mandalay said the boat, which was carrying at least 50 people between worshipping at the pagodas, capsized when caught in a whirlpool near the Kywenaphataung port.
Though it is still unclear of the exact number of deaths, the journalist said that so far 23 bodies have been recovered from the river.