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Wednesday, July 17, 2024

On March 31, all agency banks will be open to the public. RBI

<p>It will be mandatory for banks across India to maintain their government-facing branches open on March 31, the final day of the fiscal year. The Reserve Bank of India (RBI) has made this clear in a directive. March 31 falls on a Sunday this year. The central bank claims that in order to execute all government payments and receipts for the fiscal year 2023–2024, all bank branches have been asked to stay open.</p>
<p><img decoding=”async” class=”alignnone wp-image-535141″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-on-march-31-all-agency-banks-will-be-open-to-the-public-rbi-untitled-design-2024-0-1.jpg” alt=”theindiaprint.com on march 31 all agency banks will be open to the public rbi untitled design 2024 0 1″ width=”1016″ height=”762″ title=”On March 31, all agency banks will be open to the public. RBI 12″></p>
<p>In order to account for all government operations pertaining to receipts and payments in FY 2023–2024, the Government of India has requested that all bank branches handling government receipts and payments remain open for business on March 31, 2024 (Sunday). The RBI said in a statement on Wednesday that agency banks are thus urged to maintain all of their branches handling government business open on March 31, 2024 (Sunday).</p>
<p>Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, and Indian Overseas Bank are among the public-sector banks (PSBs) that the RBI has designated as agency banks. Axis Bank Ltd., City Union Bank Ltd., DCB Bank Ltd., Federal Bank Ltd., HDFC Bank Ltd., and ICICI Bank Ltd. are among the private banks that the RBI has designated as agency banks.</p>
<p>The Income Tax Department had already declared that the long weekend scheduled for March 29–31 would not be taking place, citing unfinished business with taxes. Good Friday is observed on March 29. Saturday, March 30, and Sunday, March 31 are the next days off. From March 29 to March 31, all income tax offices in India will be open for business.</p>
<p>A discussion between Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das was held in advance of the central bank’s interest rate-setting panel meeting that takes place next month. The minister and Madhabi Puri Buch, the chairperson of SEBI, had a separate meeting in her North Block office.</p>

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