All Agency Banks To Remain Open For Public On March 31: RBI

Banks all over India will have to keep their branches, dealing with government work, open on the last day of the fiscal year – that is, March 31. This has been stated in a directive by the Reserve Bank of India (RBI). This year, March 31 happens to be a Sunday. According to the central bank, all bank branches have been requested to remain open in order to process all government payments and receipts for the fiscal year 2023–2024. “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),” the RBI said in a notification on Wednesday.

Several public-sector banks (PSBs) listed as agency banks by the RBI include Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, and Indian Overseas Bank. Similarly, several private banks listed as agency banks by the RBI include Axis Bank Ltd, City Union Bank Ltd, DCB Bank Ltd, Federal Bank Ltd, HDFC Bank Ltd, and ICICI Bank Ltd.

Previously, the Income Tax Department announced the cancellation of the long weekend from March 29 to March 31, citing pending tax-related tasks. March 29 marks Good Friday, a holiday, followed by March 30, a Saturday, and March 31, a Sunday. March 29 to March 31 will be a working day for all Income Tax Offices throughout India.

RBI Governor Shaktikanta Das met with Finance Minister Nirmala Sitharaman in preparation for the central bank’s interest rate-setting panel meeting next month. The minister held a separate meeting with SEBI Chairperson Madhabi Puri Buch at her office in North Block.