The Reserve Bank of India (RBI) has advised banks to keep its branches dealing with government business to remain open on March 31, the last day of the current financial year is a Sunday.
The Government of India has requested 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 FY2023-24 itself, the RBI said in a notification.
Accordingly, agency banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday), it said.
The RBI has said that all branches of the banks dealing with Government receipts and payments will remain open for transactions on March 30 and March 31 to account for all the Government transactions relating to receipts and payments in the FY 2023-24 itself.
In order to facilitate Government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for Government cheques both on March 30 31, 2024. Agency Banks are hereby advised that all cheques related to Government accounts may be presented on such clearing. The timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course, it said in a statement.
According to reports, all electronic transactions will also be available until the specified time on both days. In addition, 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.
