RBI directs all banks to keep branches open till March 31

MUMBAI: With just only 10 days till the annual closing of the current financial year, 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. The central bank has written a letter to all the agency banks that they 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.

It directed all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year. It also added, "Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours (12 midnight) as hitherto on March 31, 2023."

The letter also read, "Regarding reporting of Central and state government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023, will be kept open till 1200 hours noon on April 1, 2023."