Mumbai: In an unprecedented move, the Reserve Bank of India (RBI) has issued a directive requiring all banks across India to keep their branches open on March 31, 2024, which coincides with a Sunday. This decision aims to ensure the seamless processing of government-related financial transactions as the fiscal year 2023–2024 draws to a close.
The RBI’s notification emphasizes the importance of this measure, stating, “To facilitate the accounting of all Government transactions for the current fiscal year, branches dealing with government business must remain operational on the last day of the financial year, despite it being a weekend.”
The list of banks affected by this directive includes a mix of public-sector banks (PSBs) and private banks designated as agency banks by the RBI. Among the PSBs are prominent names such as Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, and Indian Overseas Bank. The private sector’s contribution is equally significant, with Axis Bank Ltd, City Union Bank Ltd, DCB Bank Ltd, Federal Bank Ltd, HDFC Bank Ltd, and ICICI Bank Ltd also complying with the RBI’s instructions.
This measure is part of a broader effort by the Government of India to ensure that all receipts and payments about the government are accounted for within the fiscal year itself, thereby maintaining fiscal discipline and transparency in government transactions. The RBI’s directive has been welcomed by various sectors, recognizing the need for such a step to uphold the integrity of the financial system and the government’s fiscal management.
