Banks To Remain Open This Weekend: List Of Transactions You Can Do On March 30, 31

To ensure comprehensive oversight of governmental financial transactions for the FY 2023–2024, all bank branches managing government payments and receipts have been asked to remain operational on March 31, 2024, despite it being a Sunday. This was announced by the Reserve Bank of India (RBI) on March 21, 2024.

Additionally, to assist taxpayers, RBI offices handling government transactions and all selected branches of agency banks handling government banking will be open during regular hours on March 30 and March 31.

Electronic transactions can be conducted until the specified time on both days, according to an RBI press release.

The following financial transactions are available on March 30 and 31:

NEFT, RTGS: As of March 31, 2024, transactions made using the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems will continue until midnight 2400.

Cheque clearing: This notice informs agency banks that any checks pertaining to government accounts may be submitted for such a clearing. The dates and times for the instrument presentation and return clearing for these special government cheque-clearing sessions will be announced soon.

Agency banks may get commission on transactions pertaining to the following types of government business:

1. Money received and spent for the Central or State Government
2. Payments for pensions from the Central or State Governments
3. Special Deposit Scheme (SDS) 1975
4. Public Provident Fund (PPF) Scheme, 1968
5. Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account
6. Senior Citizen Savings Scheme (SCSS), 2004
7. Any other task instructed by the Reserve Bank that qualifies for agency commission, such as transactions involving Relief Bonds or Savings BondsRemember that only selected branches of agency banks will be open for transactions on Sunday, March 31, 2024.

What is an Agency Bank?

According to the central bank’s website, the RBI handles the general banking needs of governments through its own offices and commercial banks, both public and private, which are appointed as its agents.

Section 45 of the Reserve Bank of India Act, 1934, allows for the appointment of scheduled commercial banks as agents at various places in India for specific purposes, taking into account public interest, banking convenience, banking development, and other relevant factors.

The Central Accounts Section of the RBI in Nagpur is responsible for overseeing the primary accounts of the Central and State Governments.

It has established a well-organised system for collecting revenue and making payments on behalf of the Government throughout the country.

This network includes the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act, which handle government transactions.

Presently, the RBI is represented by all public sector banks as well as a few chosen private sector banks.

Only specified branches of these agency banks are permitted to conduct government banking operations.