As the financial year 2023-24 is ending, there are only a few days left until March 31, which is the last date to complete all financial-related work. However, since March 31 falls on a Sunday, the Reserve Bank of India (RBI) has decided to keep branches of banks handling government transactions open as usual.
Typically, April 1 is considered a bank holiday after the end of the financial year on March 31. However, to ensure that government transactions, cash payments, and deposits into accounts are managed promptly, the RBI has instructed all public and private banks in Telugu states to function as usual.
In addition to government banks, scheduled banks conducting transactions under the RBI are advised to continue transactions during the working hours of their branches. The RBI has already communicated to agency banks that all branches related to government activities should remain open on March 31 for banking activities.
Typically, the second and fourth Saturdays and Sundays of every month are bank holidays. The Government of India has asked all bank branches handling government receipts and payments to remain open for transactions on March 31 so that all financial year 2023-24 transactions are recorded properly.
According to the Reserve Bank’s website, there are a total of 33 agency banks, including public sector banks such as 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, and Union Bank of India.
The same list of agency banks also includes Axis Bank Limited, City Union Bank Limited, DCB Bank, Federal Bank, HDFC Bank, ICICI Bank, IDBI, IDFC First Bank, IndusInd Bank, Jammu and Kashmir Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank, Yes Bank, Dhanalakshmi Bank, Bandhan Bank, CSB Bank, Tamil Nadu Mercantile Bank, and foreign bank DBS Bank India Limited, which will also operate as usual on March 31.
