RBI has instructed agency banks to remain open on both 30th and 31st March. Due to the end of the financial year, these banks will complete the work related to government receipts and payments.
Banks open today: The current financial year 2023-24 ends on 31 March. As per the instructions of the Reserve Bank of India (RBI), some banks will have to open for government transactions on Saturday (30 March) and Sunday (31 March). According to a recent notification from RBI, the Central Government has requested the agency banks to open all their branches dealing with Government Receipts and Payments. The notification reads, “The Government of India has requested to keep the branches of all banks related to government transactions open for transactions on March 31, 2024 (Sunday), so that receipts can be issued in the financial year 2023-24 itself. And to account for all government transactions related to payments. Accordingly, agency banks are advised to open all their government business branches on March 31, 2024 (Sunday).”
What are agency banks?
The Reserve Bank of India has designated 12 public sector banks, 20 private banks and one foreign bank as agency banks. These agency banks also perform the work of the central government. These agency banks are:
- 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
- Axis Bank Limited
- City Union Bank Limited
- DCB Bank Limited
- Federal Bank Limited
- HDFC Bank Limited
- ICICI Bank Limited
- IDBI Bank Limited
- IDFC First Bank Limited
- IndusInd Bank Limited
- Jammu and Kashmir Bank Limited
- 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
- Tamilnad Mercantile Bank Limited
- DBS Bank India Limited
What will be the work in bank branches?
Customers can transact through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) system. Apart from this, agency banks will clear checks linked to government accounts. At the same time, those who want to pay tax to the government can also do so by visiting the branches of agency banks. However, it is not yet clear whether the branches of agency banks will also provide offline services like investment in FD, PPF or updating passbooks and other related activities on Saturdays and Sundays.
