RBI directs all banks to keep branches open till Mar 31 for annual closing

With annual closing of accounts scheduled for March 31 as the financial year 2022-23 is ending, RBI has directed all banks to keep their branches open till working hours of the above-mentioned date

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With the annual closing of accounts scheduled for March 31 as the financial year 2022-23 is ending, the Reserve Bank of India (RBI) has directed all banks to keep their branches open till working hours of the above-mentioned date.

In a letter to all agency banks on Tuesday, the RBI said that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year.

"Accordingly, all agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023," the central bank letter stated.

It further said that transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 12 midnight as hitherto on March 31, 2023.

Also, special clearing will be conducted for collection of government cheques on March 31, for which the Department of Payment and Settlement Systems (DPSS) of the RBI will issue necessary instructions.

Regarding reporting of Central and state government transactions to RBI, including uploading of GST or TIN2.0 e-receipts luggage files, the reporting window of March 31 will be kept open till 12 noon on April 1, the RBI directed all banks.

--IANS

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