Banks to remain open on this Sunday, March 31. Check what is available and what is not available.
March 28,2024The Reserve Bank of India (RBI) has announced that all agency banks involved in government transactions will remain open on March 31, 2024. Agency banks designated by the RBI manage financial transactions related to the government. This network comprises public and private banks and a foreign bank, providing broad coverage and access to government dealings.
According to the RBI notification dated March 20, 2024, “The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY 2023-24 itself. Accordingly, Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday).”
In a separate press release, RBI said:“With a view to providing greater convenience to tax payers, it has been decided that RBI offices dealing with Government business and all designated branches of agency banks conducting government banking business will keep their counters open as per normal working hours on March 30, 2024 and March 31, 2024; electronic transactions can be done till the stipulated time on both the days.”
Services that will be available on March 31, 2024
NEFT and RTGS
RBI has said transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to mid night 2400 as hitherto on March 31, 2024.
Cheque clearing
Agency banks have been advised that all cheques related to government accounts may be presented on such clearing. The timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course.
Transactions relating to the following government business undertaken by agency banks are eligible for agency commission:
> Revenue receipts and payments on behalf of the Central/State Government
> Pension payments in respect of Central / State Governments
> Special Deposit Scheme (SDS) 1975
> Public Provident Fund (PPF) Scheme, 1968
> Senior Citizen Savings Scheme (SCSS), 2004
> Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account
> Any other item of work specifically advised by Reserve Bank as eligible for agency commission (viz. Relief Bonds/ Savings Bonds etc. transactions)
Banks open for business on March 31
The RBI has designated 33 agency banks to remain operational on this significant date. This list comprises 12 public sector banks, including prominent names such as the State Bank of India (SBI) and the Bank of Baroda (BoB), alongside 20 private sector banks, with HDFC Bank Ltd and ICICI Bank Ltd among them. Additionally, DBS Bank India Ltd. represents the sole foreign bank in this arrangement. These banks are set to provide full services on March 31.
Public Sector Banks
1. Bank of Baroda
2. Bank of India
3. Bank of Maharashtra
4. Canara Bank
5. Central Bank of India
6. Indian Bank
7. Indian Overseas Bank
8. Punjab and Sind Bank
9. Punjab National Bank
10. State Bank of India
11. UCO Bank
12. Union Bank of India
Private Sector Banks
13. Axis Bank Ltd
14. City Union Bank Ltd
15. DCB Bank Ltd
16. Federal Bank Ltd
17. HDFC Bank Ltd
18. ICICI Bank Ltd
19. IDBI Bank Ltd
20. IDFC FIRST Bank Ltd
21. IndusInd Bank Ltd
22. Jammu and Kashmir Bank Ltd
23. Karnataka Bank Ltd
24. Karur Vysya Bank Ltd
25. Kotak Mahindra Bank Ltd
26. RBL Bank Ltd
27. South Indian Bank Ltd
28. Yes Bank Ltd
29. Dhanlaxmi Bank Ltd
30. Bandhan Bank Ltd
31. CSB Bank Ltd
32. Tamilnad Mercantile Bank Ltd
Foreign banks
33. DBS Bank India Limited