Banks Open On March 31: Will Banks Remain Open For Normal Services?  -News18

Last Updated: March 29, 2024, 09:14 IST

RBI-designated agency banks will function normally on Sunday, 31 March

RBI-designated agency banks will function normally on Sunday, 31 March

The Reserve Bank of India has asked all its designated agency banks to remain open on the last day of the financial year.

As the current financial year 2023-24 is also set to end on Sunday, the Reserve Bank of India (RBI) has asked all the agency banks involved in government transactions to remain open over the weekend on 30 March and 31 March 2024. In view of the central bank’s decision to keep banks open suggests that individuals willing to file income tax returns or make other payments can do so by visiting the agency bank branch on Sunday as well.

According to the RBI notification, a total of 12 public sector banks along with 20 private sector banks and one foreign bank. “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) to account for all the Government transactions relating to receipts and payments in the FY 2023- 24 itself. Accordingly, Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday),” the notification read.

While the agency banks are the ones that are entitled to carry out the government businesses, the question remains on whether individuals can visit these respective bank branches for other banking activities like investing in funds, depositing money, or simply updating their bank account passbook.

Will banks remain open for normal services on 31 March 2024?

1. While the RBI notification asks agency banks engaging in government banking operations to keep their counters open during regular working hours on 30 and 31 March, all electronic transactions will also be available until the specified time on both days.

2. Transactions made through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue to take place normally till midnight on 31 March 2024.

While RBI has advised agency banks to present all checks related to government accounts for clearing, the timing for presentation and return clearing of instruments for these special clearing sessions for government checks will be intimated in due course. Besides that, the following transactions related to a couple of government businesses undertaken by the agency banks are eligible for agency commission:

1. Revenue receipts and payments on behalf of the Central/State Government

2. Pension payments in respect of Central / State Governments

3. Special Deposit Scheme (SDS) 1975

4. Public Provident Fund (PPF) Scheme, 1968

5. Senior Citizen Savings Scheme (SCSS), 2004

6. Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account

7. Any other item of work specifically advised by the Reserve Bank as eligible for agency commission (viz. Relief Bonds/ Savings Bonds etc. transactions)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *