The Reserve Bank of India (RBI) has told banks to keep branches open for government work on March 31.
This is because March 31 is a Sunday and it’s the last day of the current financial year.
The RBI mentioned in a statement that the Government of India asked banks to keep all branches that handle government money open on March 31, 2024 (Sunday).
This is to manage government money transactions for the financial year 2023-24 and keep track of government transactions.
Similarly, agency banks have been told to keep all their branches that deal with government business open on March 31, 2024 (Sunday).
Why did RBI suggest banks stay open on Sunday?
Banks are usually closed on Sundays and on the second and fourth Saturdays of each month.
However, the RBI mentioned that the Government of India asked for all branches dealing with government money to stay open for transactions on March 31 (Sunday).
This is to make sure that all transactions for the financial year 2023-24 are properly recorded.
What are agency banks?
The Reserve Bank of India handles the banking needs of the Central and State Governments through its own offices and agency banks.
List of Agency Banks
Public Sector Banks (After Integration):
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab and Sindh Bank
- Punjab National Bank
- state Bank of India
- UCO Bank
- Union Bank of India
Private Sector Banks
- Axis Bank Limited
- City Union Bank Limited
- DCB Bank Limited
- Federal Bank Limited
- HDFC Bank Limited
- ICIC Bank Limited
- IDBI Bank Limited
- IDFC First Bank Limited
- IndusInd Bank Limited
- Jammu and Kashmir Bank Limited (Approved for Limited Agency Business)
- Karnataka Bank Limited
- Karur Vysya Bank Limited
- Kotak Mahindra Bank Limited
- RBL Bank Limited
- South Indian Bank Limited
- Yes Bank Limited
- Dhanlaxmi Bank Limited
- Bandhan Bank Limited
- CSB Bank Limited
- Tamil Nadu Mercantile Bank Limited
Foreign bank
DBS Bank India Limited is a foreign bank that has been granted a license by the RBI to conduct banking operations in India through a wholly-owned subsidiary system.
Income Tax Department offices will stay open
Besides banks, the Income Tax Department offices will also be open on March 31.
The IT Department has canceled the holidays for Good Friday, as well as Saturday and Sunday.
Therefore, the IT department will be operational on all three days: March 29, 30, and 31. This decision was made because it’s the end of the financial year.
