GUWAHATI: The Reserve Bank of India (RBI) on Thursday, February 13, instructed all agency banks handling government transactions to remain open on March 31, despite it being a public holiday in most states.
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The directive has been implemented to prevent discrepancies in financial reporting as the 2024-25 financial year ends on the same day.
Banks were initially scheduled to be closed on March 31 for Ramzan-Id (Id-Ul-Fitr) in almost all states except Himachal Pradesh and Mizoram. However, the RBI has now mandated that agency banks continue operations to ensure the smooth completion of government-related financial transactions, including receipts and payments.
As March 31 marks the close of the government’s financial year, all transactions linked to government revenue, payments, and settlements must be completed before the new fiscal year begins.
The banking services available on that day include government tax payments (Income Tax, GST, Customs, Excise duties), pension disbursements, government salaries, and transactions related to public schemes and subsidies.
