RBI directs all banks to keep branches open until March 31 for annual closure

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  • Reserve Bank of India (RBI) has ordered all banks to keep their branches open until the end of working hours on March 31.
  • The central bank has written a letter to all bureau banks to keep their designated branches open for over-the-counter transactions.

Mumbai (Maharashtra) [India]March 22 (ANI): With just 10 days until the annual close of the current fiscal year, the Reserve Bank of India (RBI) has ordered all banks to keep their branches open until the end of working hours on March 31.

The central bank has written a letter to all bureau banks to keep their designated branches open for over-the-counter transactions related to government transactions until normal business hours on March 31, 2023.

It directed that all government transactions made by bureau banks for fiscal year 2022-2023 must be accounted for within the same fiscal year.

It also added: “Transactions via National Wire Transfer (NEFT) and the Real Time Gross Settlement (RTGS) system will continue until 24:00 (midnight 00:00) as so far on March 31, 2023.”

The letter also read: “With regard to reporting transactions from central and state governments to RBI, including GST/TIN2.0/e-receipts bag file uploads, the March 31, 2023 reporting window will remain open until 12:00 p.m. afternoon on April 1, 2023.” (ANI)

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