The Reserve Bank of India (RBI) Tuesday directed banks to keep open their branches dealing with government business on the last day of the financial year (March 31), which happens to be Sunday.

"The Government of India has advised that all Pay and Account Offices will remain open on March 31, 2019 (Sunday) to facilitate government receipt and payment transactions. Accordingly, all Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2019 (Sunday)," RBI said in a circular.

In a separate notification, the RBI said the Government of India has desired that all government transactions done by agency banks for financial year 2018-19 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose.

"Accordingly, all agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8 pm on March 30, 2019 and upto 6 pm on March 31, 2019," it said.

All electronic transactions, including RTGS and NEFT, will continue for the extended time on March 30 and March 31, 2019 for which RBI will issue necessary instructions, it said.

Published On : 27-03-2019

Source : Business Today