Quick Summary
With the annual closing of accounts just 10 days away and the financial year 202223 coming to a close, 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. In a letter to all agency banks on Tuesday, the RBI wrote that
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FAQ :
Banks must remain open until March 31st to ensure all government transactions for the financial year 2022-23 are accounted for within that same financial year, due to the annual closing of accounts.
Yes, NEFT and RTGS transactions will continue until midnight on March 31st. Special clearing will also be conducted for government cheques on that day.
The reporting window for Central and state government transactions, including uploading GST or TIN2.0 e-receipts, will remain open until 12 noon on April 1st.
This directive covers over-the-counter transactions related to government business, as well as NEFT, RTGS, and the collection of government cheques.
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