Banks To Remain Open Till March 31 For Annual Closing

The Reserve Bank of India (RBI) has directed the banks across India to keep their branches open till the working hours of March 31, 2023. The transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 12 midnight as hitherto on March 31, 2023.

Annual Closings of Accounts Schedules for March 31

With the financial year 2022-23 ending, the annual closing of accounts is scheduled for March 31.

RBI, in a note to the banks, 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," stated the RBI notification.

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.

The 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.