Good news! Banks to remain open on March 31; here is what you should know
The banks will remain closed or open on 31st March, 2019? India has been following the accounting period of April to March since the time of colonial rule. This fiscal year format was adopted in 1867 and has been followed throughout the nation. The financial year in India starts from April 1, while the last day of March remains the end of the previous financial year.
What is Financial Year?
The financial year, denoted by FY in India, that runs between April 1-March 31, includes all budget and monetary related steps taken by the central government for the year. Moreover, most companies and businesses file their year-to-end of the previous year and start afresh for the next financial year. Even Income Tax returns are filed by taxpayers for the period concerned. (Pixabay)
All agency bank branches will remain open
The financial year is to end in the next three days the Reserve Bank of India has released a notice stating that all agency bank branches, dealing with government businesses will be open on March 31, Sunday. Please note the fact that RBI has added a provision - ''all agency bank branches, dealing with government businesses''. (Reuters)
Pay and account offices will remain open
All the Pay and Account offices will also remain open, to facilitate government receipt and payment transactions in the country. (PTI)
What about your bank?
Those who are interested in transacting some bank business on that day should know that the RBI has also mentioned that all bank branches will give a prior public notice regarding the availability of the above mentioned banking services on March 31. So, keep checking State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) others for latest news. (PTI)