All bank branches to remain open till March 31 for annual closing; check details here 

The Reserve Bank of India (RBI) has directed all banks to keep their branches open till March 31 for annual closing. The central bank said in its letter to all banks they should keep their designated branches open for over-the-counter transactions related to government dealings till the normal working hour on March 31, 2023. 

It also stated all government transactions done by agency banks for FY2022-23 should be accounted for within the same financial year. The RBI said in its letter accessed by news agency ANI, “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS) will continue up to 2400 hours (12 midnight) as hitherto on March 31, 2023.”

The release also mentioned that special clearing for the collection of government cheques will also be conducted on March 31. The central bank said that its Department of Payment and Settlement Systems (DPSS) will issue instructions for the same. 

It further stated, “Regarding reporting of Central and state government-related transactions to RBI, including uploading of GST/TIN2.0/e-receipts luggage files, the reporting window of March 31, 2023, will be kept open till 1200 hours of noon on April 1, 2023.”

(With agency inputs)

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