RBI directs all Agency Banks to remain open on March 31

The Government of India has requested all agency banks to keep their branches dealing with government receipts and payments open for transactions on March 31 that is Sunday.

The move aims to facilitate the timely processing of government receipts and payments, contributing to the efficient management of public finances as the fiscal year draws to a close.

As per the Reserve bank of India, this move comes with the aim of ensuring that all government transactions related to receipts and payments for the fiscal year 2023-24 are accounted for within the stipulated timeframe.

“The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself,” the RBI said in a statement.

Furthermore, banks are advised to undertake appropriate steps to publicize the accessibility of banking services on this particular day, ensuring that the public is duly informed about the opportunity to conduct banking transactions on March 31, Sunday.