RBI directs banks to remain open until March 31

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RBI directs banks to remain open until March 31

The Reserve Bank of India RBI has directed all branches to remain open until working hours of the end of March 31 due to the annual closing of accounts scheduled for March 31 as the financial year 2022 -- 23 is coming to an end.

The letter to all agencies said that all government transactions done by agency for 2022 -- 23 must be accounted for within the same financial year.

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

It said transactions through the National Electronic Funds Transfer NEFT and Real Time Gross Settlement RTGS System will continue up to 12 midnight on March 31, 2023.

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

The reporting window for Central and state government transactions to RBI, including uploading of GST or TIN 2.0 e-receipts luggage files, will be open until 12 noon on April 1, according to the reporting window.