In a significant move, the Reserve Bank of India (RBI) has mandated that banks open their branches for government transactions on Sunday, March 31, 2024.
This decision aims to ensure the smooth completion of financial transactions related to the closure of the current fiscal year.
Details of the Directive:
The RBI’s directive comes as March 31 falls on a Sunday, which also marks the end of the financial year.
As per the announcement made by the RBI on Wednesday, all banks under its jurisdiction will be accessible to the public on this day, facilitating various government-related transactions.
Banks Affected:
Notable public sector banks under the RBI’s purview, including Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, and Indian Overseas Bank, are mandated to open their branches.
Additionally, certain private sector banks listed under the agency banks of the RBI, such as Axis Bank Limited, City Union Bank Limited, DCB Bank Limited, Federal Bank Limited, HDFC Bank Limited, and ICICI Bank Limited, are also required to comply with this directive.
Purpose of the Directive:
The RBI emphasized that the Government of India has specifically requested the opening of all bank branches involved in government receipts and payments on March 31, 2024.
This step is crucial to ensure the seamless maintenance of accounts for all government-related transactions, thereby concluding the financial year 2023-24 on a smooth note.
