Banks will be open across the country on 31 March, Sunday to service the needs of the ending of financial year 2024. From 1st April, Financi...
Banks will be open across the country on 31 March, Sunday to service the needs of the ending of financial year 2024. From 1st April, Financial year 2025 will begin as per the Centre's regulations, the banks remain open on the last days of every financial year even if it is weekend. Banks were also open on 30 March, Saturday. However, the banks will deal with government receipts and payment work on 31st March.
"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 FY 2023-24 itself. Accordingly, Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday).", was stated in the official notification Reserve Bank of India.
The agency banks carry out the government's work as per the rules. There are 33 agency banks in the country - 12 public sector banks, 20 private banks, and one foreign bank. These agency banks will be engaged in work related to revenue receipt and payments, and pension payments in respect of central/state governments, tasks releated to bonds/savings bonds transaction, Kisan Vikas Patra, 2014, Sukanya Samriddhi Account, PPF, Special Deposit Scheme, Senior Citizen Savings Scheme.
The RBI listed agency banks are - Axis Bank Ltd, Bandhan Bank Ltd, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank Ltd, CSB Bank Ltd, DBS Bank India Limited, DCB Bank Ltd, Dhanlaxmi Bank Ltd, Federal Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd, IDBI Bank Ltd, IDFC FIRST Bank Ltd, Indian Bank, Indian Overseas Bank, IndusInd Bank Ltd, Jammu and Kashmir Bank Ltd, Karnataka Bank Ltd, Karur Vysya Bank Ltd, Kotak Mahindra Bank Ltd, Punjab and Sind Bank, Punjab National Bank, RBL Bank Ltd, South Indian Bank Ltd, Tamilnad Mercantile Bank Ltd, UCO Bank, Union Bank of India, and Yes Bank Ltd.
The RBI has ordered the agency banks to engage in government-related operations as fiscal year 2024 will end on Sunday. The RBI has advised agency banks to present all cheques related to government accounts for clearing. Besides, transactions related to NEFT and RTGS will continue to take place normally on 31 March.
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