Mumbai: Some banks in the country will remain open on Saturday (30 March) and Sunday (31 March) as per the Reserve Bank of India (RBI) directive. This is because the current financial year will end on 31 March.
Earlier the Union government has requested the agency banks to open all its branches dealing with government receipts and payments.
‘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),’ the RBI notification reads.
There are 12 public sector banks, 20 private banks, and 1 foreign bank which are designated as agency banks by the RBI. The agency banks carry out Central government’s work as well.
‘Section 45 of the Reserve Bank of India Act, 1934, provides for the appointment of scheduled commercial banks as agents at all places or any place in India, for purposes that it may specify, having regard to the public interest, convenience of banking, banking development and such other factors which in its opinion are relevant in this regard,’ said the notification.
List of agency banks:
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Indian Bank
Indian Overseas Bank
Punjab and Sind Bank
Punjab National Bank
State Bank of India
UCO Bank
Union Bank of India
Axis Bank Ltd.
City Union Bank Ltd.
DCB Bank Ltd
Federal Bank Ltd.
HDFC Bank Ltd.
ICICI Bank Ltd.
IDBI Bank Ltd.
IDFC FIRST Bank Ltd
IndusInd Bank Ltd
Jammu and Kashmir Bank Ltd.
Karnataka Bank Ltd.
Karur Vysya Bank Ltd.
Kotak Mahindra Bank Ltd.
RBL Bank Ltd
South Indian Bank Ltd.
Yes Bank Ltd.
Dhanlaxmi Bank Ltd.
Bandhan Bank Ltd.
CSB Bank Ltd.
Tamilnad Mercantile Bank Ltd.
DBS Bank India Limited
Customers can do transactions via the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System. Besides agency banks will clear cheques related to Government accounts. Individuals who want to make tax payments to the government can do so by visiting the agency banks’ branches as well.
Earlier this month, the Income-Tax department announced that it will remain operational from March 29 to March 31 to facilitate the completion of pending tax-related tasks.
‘To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024,’ said the Income-tax department in an order dated March 18, 2024.
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