Mumbai: The Reserve Bank of India (RBI) has requested all company banks dealing with authorities transactions to be certain that their branches remain open on March 31, 2024. This choice comes because the final day of the present monetary yr (2023-24) falls on a Sunday.
Why did RBI ask banks to remain open on Sunday?
It is pertinent to point out that banks are sometimes closed on all Sundays and on the 2nd and 4th Saturdays of each month. However, the RBI in a press release stated, stated “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) so as to account for all the Government transactions relating to receipts and payments in the FY 2023-24 itself.”
Accordingly, Agency Banks are suggested to maintain all their branches coping with authorities enterprise open on March 31, 2024 (Sunday), it stated.
The RBI additional stated that the banks shall give due publicity on the provision of the above banking companies on today.
What are Agency banks?
Agency banks refer to business banks which can be approved by the Reserve Bank of India (RBI) to act as brokers for the federal government and carry out numerous banking actions on behalf of the federal government. These banks play an important function in facilitating authorities transactions and companies throughout the nation. Some of the important thing capabilities carried out by company banks in India embrace assortment of taxes and disbursement of presidency funds amongst others.
List of Agency banks
-
Scheduled Public Sector banks (submit amalgamation)
- Bank of Baroda
- Bank of India
- Bank of (*31*)
- Canara Bank
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab and Sind Bank
- Punjab National Bank
- State Bank of India
- UCO Bank
- Union Bank of India
-
Scheduled Private Sector Banks
- Axis Bank Ltd.
- City Union Bank Ltd.
- DCB Bank Ltd
- Federal Bank Ltd.
- HDFC Bank Ltd.
- ICICI Bank Ltd.
- IDBI Bank Ltd.
- IDFC FIRST Bank Ltd
- IndusInd Bank Ltd
- Jammu and Kashmir Bank Ltd. (Approved for restricted company enterprise)
- Karnataka Bank Ltd.
- Karur Vysya Bank Ltd.
- Kotak Mahindra Bank Ltd.
- RBL Bank Ltd
- South Indian Bank Ltd.
- Yes Bank Ltd.
- Dhanlaxmi Bank Ltd.
- Bandhan Bank Ltd.
- CSB Bank Ltd.
- Tamilnad Mercantile Bank Ltd.
- DBS Bank India Limited (Scheduled international financial institution issued license by RBI for carrying on banking enterprise in India by way of Wholly Owned Subsidiary (WOS) mode.)
Also Read: India’s direct tax collections develop 20 per cent for monetary yr 2023-24
