Banks to remain open on this Sunday, March 31. Check what is available and what is not available.

The Reserve Bank of India (RBI) has announced that all agency banks involved in government transactions will remain open on March 31, 2024. Agency banks designated by the RBI manage financial transactions related to the government. This network comprises public and private banks and a foreign bank, providing broad coverage and access to government dealings.

According to the RBI notification dated March 20, 2024, “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 advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday).”

In a separate press release, RBI said:“With a view to providing greater convenience to tax payers, it has been decided that RBI offices dealing with Government business and all designated branches of agency banks conducting government banking business will keep their counters open as per normal working hours on March 30, 2024 and March 31, 2024; electronic transactions can be done till the stipulated time on both the days.”

Services that will be available on March 31, 2024

NEFT and RTGS

RBI has said transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to mid night 2400 as hitherto on March 31, 2024.

Cheque clearing

Agency banks have been advised that all cheques related to government accounts may be presented on such clearing. The timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course.

Transactions relating to the following government business undertaken by agency banks are eligible for agency commission:

> Revenue receipts and payments on behalf of the Central/State Government

> Pension payments in respect of Central / State Governments

> Special Deposit Scheme (SDS) 1975

> Public Provident Fund (PPF) Scheme, 1968

> Senior Citizen Savings Scheme (SCSS), 2004

> Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account

> Any other item of work specifically advised by Reserve Bank as eligible for agency commission (viz. Relief Bonds/ Savings Bonds etc. transactions)

Banks open for business on March 31

The RBI has designated 33 agency banks to remain operational on this significant date. This list comprises 12 public sector banks, including prominent names such as the State Bank of India (SBI) and the Bank of Baroda (BoB), alongside 20 private sector banks, with HDFC Bank Ltd and ICICI Bank Ltd among them. Additionally, DBS Bank India Ltd. represents the sole foreign bank in this arrangement. These banks are set to provide full services on March 31.

Public Sector Banks 1. Bank of Baroda 2. Bank of India 3. Bank of Maharashtra 4. Canara Bank 5. Central Bank of India 6. Indian Bank 7. Indian Overseas Bank 8. Punjab and Sind Bank 9. Punjab National Bank 10. State Bank of India 11. UCO Bank 12. Union Bank of India Private Sector Banks 13. Axis Bank Ltd 14. City Union Bank Ltd 15. DCB Bank Ltd 16. Federal Bank Ltd 17. HDFC Bank Ltd 18. ICICI Bank Ltd 19. IDBI Bank Ltd 20. IDFC FIRST Bank Ltd 21. IndusInd Bank Ltd 22. Jammu and Kashmir Bank Ltd 23. Karnataka Bank Ltd 24. Karur Vysya Bank Ltd 25. Kotak Mahindra Bank Ltd 26. RBL Bank Ltd 27. South Indian Bank Ltd 28. Yes Bank Ltd 29. Dhanlaxmi Bank Ltd 30. Bandhan Bank Ltd 31. CSB Bank Ltd 32. Tamilnad Mercantile Bank Ltd

Foreign banks 33. DBS Bank India Limited