RBI directs all banks to keep branches open till March 31 for annual closing

With the annual closing of accounts just 10 days away and the financial year 2022–23 coming to a close, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31.

In a letter to all agency banks on Tuesday, the RBI wrote that all government transactions done by agency banks for 2022–2023 must be accounted for within the same financial year.

"Accordingly, all agency banks should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023," the central bank letter stated.

The letter further read that transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 12 midnight as hitherto on March 31, 2023.

Also, special clearing will be conducted for the collection of government cheques on March 31, for which the Department of Payment and Settlement Systems (DPSS) of the RBI will issue necessary instructions.

Regarding the reporting of Central and state government transactions to RBI, including uploading of GST or TIN2.0 e-receipts luggage files, the reporting window of March 31 will be kept open till 12 noon on April 1, the RBI directed all banks.

(With inputs from IANS)