Last Updated: March 29, 2024, 09:14 IST
RBI-designated company banks will operate usually on Sunday, 31 March
The Reserve Bank of India has requested all its designated company banks to stay open on the final day of the monetary yr.
As the present monetary yr 2023-24 can be set to finish on Sunday, the Reserve Bank of India (RBI) has requested all of the company banks concerned in authorities transactions to stay open over the weekend on 30 March and 31 March 2024. In view of the central financial institution’s determination to maintain banks open means that people prepared to file earnings tax returns or make different funds can achieve this by visiting the company financial institution department on Sunday as nicely.
According to the RBI notification, a complete of 12 public sector banks together with 20 personal sector banks and one international financial institution. “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) 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 notification learn.
While the company banks are those which are entitled to hold out the federal government companies, the query stays on whether or not people can go to these respective financial institution branches for different banking actions like investing in funds, depositing cash, or just updating their checking account passbook.
Will banks stay open for regular companies on 31 March 2024?
1. While the RBI notification asks company banks partaking in authorities banking operations to maintain their counters open throughout common working hours on 30 and 31 March, all digital transactions will even be out there till the required time on each days.
2. Transactions made by means of the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will proceed to happen usually until midnight on 31 March 2024.
While RBI has suggested company banks to current all cheques associated to authorities accounts for clearing, the timing for presentation and return clearing of devices for these particular clearing classes for presidency cheques will likely be intimated in the end. Besides that, the next transactions associated to a few authorities companies undertaken by the company banks are eligible for company fee:
1. Revenue receipts and funds on behalf of the Central/State Government
2. Pension funds in respect of Central / State Governments
3. Special Deposit Scheme (SDS) 1975
4. Public Provident Fund (PPF) Scheme, 1968
5. Senior Citizen Savings Scheme (SCSS), 2004
6. Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account
7. Any different merchandise of labor particularly suggested by the Reserve Bank as eligible for company fee (viz. Relief Bonds/ Savings Bonds and many others. transactions)
