List Of Banking Transactions You Can Do On March 30, 31 (Representative picture)
Electronic transactions might be performed till the desired time on each days, in line with an RBI press launch.
To guarantee complete oversight of governmental monetary transactions for the FY 2023–2024, all financial institution branches managing authorities funds and receipts have been requested to stay operational on March 31, 2024, regardless of it being a Sunday. This was introduced by the Reserve Bank of India (RBI) on March 21, 2024.
Additionally, to help taxpayers, RBI workplaces dealing with authorities transactions and all chosen branches of company banks dealing with authorities banking shall be open throughout common hours on March 30 and March 31.
Electronic transactions might be performed till the desired time on each days, in line with an RBI press launch.
The following monetary transactions can be found on March 30 and 31:
NEFT, RTGS: As of March 31, 2024, transactions made utilizing the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) techniques will proceed till midnight 2400.
Cheque clearing: This discover informs company banks that any checks pertaining to authorities accounts could also be submitted for such a clearing. The dates and occasions for the instrument presentation and return clearing for these particular authorities cheque-clearing periods shall be introduced quickly.
Agency banks could get fee on transactions pertaining to the next sorts of authorities enterprise:
- Money obtained and spent for the Central or State Government
- Payments for pensions from the Central or State Governments
- Special Deposit Scheme (SDS) 1975
- Public Provident Fund (PPF) Scheme, 1968
- Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account
- Senior Citizen Savings Scheme (SCSS), 2004
- Any different job instructed by the Reserve Bank that qualifies for company fee, similar to transactions involving Relief Bonds or Savings BondsDo not forget that solely chosen branches of company banks shall be open for transactions on Sunday, March 31, 2024.
What is an Agency Bank?
According to the central financial institution’s web site, the RBI handles the final banking wants of governments by way of its personal workplaces and industrial banks, each private and non-private, that are appointed as its brokers.
Section 45 of the Reserve Bank of India Act, 1934, permits for the appointment of scheduled industrial banks as brokers at varied locations in India for particular functions, bearing in mind public curiosity, banking comfort, banking improvement, and different related components.
The Central Accounts Section of the RBI in Nagpur is chargeable for overseeing the first accounts of the Central and State Governments.
It has established a properly-organised system for amassing income and making funds on behalf of the Government all through the nation.
This community contains the Government Banking Divisions of RBI and branches of company banks appointed beneath Section 45 of the RBI Act, which deal with authorities transactions.
Presently, the RBI is represented by all public sector banks in addition to a couple of chosen personal sector banks.
(*31*)Only specified branches of those company banks are permitted to conduct authorities banking operations.
