RBI Asks Banks to Keep Select Branches Open on Last Sunday of Fiscal Year to Facilitate Govt Financial Transactions

Mumbai, Mar 20: Central Bank Urges Lenders to Keep Key Branches Open on Last Sunday of Fiscal Year

As the financial year comes to a close this March, the Reserve Bank of India (RBI) has directed commercial banks to ensure their crucial government transaction branches remain accessible on the final weekend. With March 31st landing on a Sunday in 2024, the central bank recognized the need for banks to accommodate last-minute fiscal deadlines.

In an official statement, the RBI explained the Government of India had made a special request keeping branches handling receipts and payments operational for one additional day. This move allows all government financial activities for the 2023-24 period to be accounted for prior to the new financial year kickstarting on April 1st.

Dubbed “agency banks”, the branches concerned with governmental business were instructed to open their doors to the public this coming Sunday. By staying accessible, these key branches can help ensure government bodies and departments meet pending payment and receipt cut-offs for the closing financial cycle. The one-day extension also gives additional flexibility to banks and their clients to wrap up any outstanding government-related monetary exchanges.