The Reserve Bank of India (RBI) has directed all banks to function on March 31, 2025. According to the RBI, this has been done so that there is no disruption in banking services on the last day of the financial year 2024-25 and all government transactions can be completed on time. Apart from this, there are no financial irregularities or discrepancies in the records.
Usually, banks in most states, except Himachal Pradesh and Mizoram, are closed on March 31 due to Ramadan-Eid (Eid-ul-Fitr), but since it is the last day of the financial year, the government wants all government revenue collection, payments and other financial settlements to be completed on this day so that the new financial year can begin without any hitches.
As per RBI orders, the following services will continue on March 31st:
Payment of government taxes (Income Tax, GST, Customs Duty, Excise Duty)
Payment of government pension and subsidy
Disbursement of salaries and allowances of government employees
Public transactions related to government schemes and subsidies
Banks will remain closed on April 1, 2025.
However, banks will remain closed in most states on April 1, 2025 (Tuesday) due to Annual Account Closing. Banks will remain open only in Meghalaya, Chhattisgarh, Mizoram, West Bengal and Himachal Pradesh.
Digital banking services will continue.
Many digital services like tax payments, online banking and fund transfers through mobile banking will remain operational. However, customers should confirm with their banks whether digital transactions will continue smoothly with their bank.
Impact of this decision of RBI
This step of RBI will ensure that there should be no hindrance in government revenue collection. Banking services should run smoothly and no government payment should remain pending.
All necessary financial settlements can be completed on the last day of the financial year.
Banking customers are advised to plan their banking operations keeping this change in mind, especially those planning to use banking services on March 31 and April 1.
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