All branches of banks will remain open till March 31. Reserve Bank of India ( RBI ) has given this order to the banks. The central bank has said that it has ordered all agency banks to keep their branches open till March 31.
The reason for this is annual closing. In this regard, the central bank has issued a release on 21 March. Actually, the financial year 2022-23 will end on 31st of this month. That’s why RBI has told the banks that all the transactions related to the government of this month should be settled by 31st March. He has asked the banks to take special care for this. The financial year in India starts from 1st April and ends on 31st March of the next year.
RBI’s press release said, “All agency banks will have to keep their designated branches open for government related over the counter transactions till normal working hours on March 31.” The central bank has also said that transactions through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems will continue till 24:00 (12 midnight) on March 31.
The release also said that special clearing will be conducted for collection of government cheques, for which the Department of Payment and Settlement Systems (DPSS) will issue necessary instructions. DPSS comes under RBI. The reporting window for reporting Central and State Government transactions will remain open on March 31 till noon on April 1. These will also include GST/TIN2.0/e-receipts luggage files.
