Banks should account for govt transactions for FY22 in same year: RBI

Reserve Bank of India on Thursday said banks must account all government (central and state) transactions for financial year 2021-22 within the same financial year. As a step to facilitate this, banks should keep designated branches open for over the counter transactions upto the normal working hours on March 31, 2022, RBI said.

Transactions through national electronic funds transfer (NEFT) and real time gross settlement (RTGS) system will continue upto 2400 hours on March 31, 2022, RBI said in communication to banks.

Special clearing will be conducted for collection of government cheques on March 31, 2022 for which the Department of Payment and Settlement Systems (DPSS) of RBI will issue necessary instructions.

For reporting the government transactions including GST to RBI, the reporting window of March 31, 2022 will be extended and kept open till 1200 hours on April 1, 2022, RBI said