Banks to open this Saturday, Sunday: Know which transactions will be opened on March 30, March 31

Are banks open on 30th March 2024, Are banks open on 31st march 2024: Reserve Bank of India (RBI) has advised all branches of the banks dealing with government receipts and payments to remain open for transactions on Saturday, March 30, and Sunday, March 31, up to the normal working hours for Government transactions relating to receipts and payments in FY 2023-24.

Since such transactions might necessitate operations at currency chests, the currency chest holding banks are advised to keep their CCs open on March 31, 2024, similar to a normal working day, as per the RBI's circular dated March 27.

"Normal clearing timings under the Cheque Truncation System (CTS) as applicable to any working “Saturday” shall be followed on March 30, 2024. Further, to facilitate accounting of all the Government transactions for the current financial year (2023-24) by March 31, 2024, it has been decided to conduct Special Clearing under CTS exclusively for Government Cheques on March 30 & 31, 2024," the another RBI circular dated March 29 said.

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Special cheque clearing timings

According to the release, all banks must participate in the special clearing operations on March 30 and March 31, 2024.

"All the member banks of CTS are also required to keep their inward clearing processing infrastructure open during the Special Clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the Special Clearing," the circular added.

Which transactions will be opened?

NEFT RTGS

Transactions through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue for up to 2400 hours on March 31, 2024.

Cheque clearing

Special clearing will be conducted for government cheques both on March 30 and 31. Agency banks are hereby advised that all cheques related to government accounts may be presented on such clearing.