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RBI cancels March 31 bank holiday: PSBs, private banks to stay open for fiscal-end closures
- RBI cancels March 31 bank holiday: The central bank has instructed all agency banks which handle government transactions to remain open on March 31, 2025, for accurate financial reporting.
The Reserve Bank of India (RBI) has instructed all agency banks—those handling government transactions—to remain open for services on March 31, 2025 (Monday), despite it being a holiday in many states. Public sector banks (PSBs) and private banks were supposed to be closed on March 31 in almost all states except Himachal Pradesh and Mizoram for Ramzan-Id (Id-Ul-Fitr).
Banks are directed to stay open for regular services on March 31 so that the authorities can avoid financial discrepancies and ensure that all fiscal 2024-25 (FY25) reports are reflected within the same period. The move aims to ensure that government-related transactions, including payments, receipts, and other activities, are appropriately covered by March 31, 2025.
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March 31 financial year-end closing
March 31 marks the closing of the government’s financial year, which spans from April 1 to March 31 each year. Financial year-end closing means that all transactions related to government revenue, payments, and settlements must be completed before the new fiscal year begins. The logs of the receipts and transactions are used for government records and tax purposes later in the year.
Banking services available on March 31
The following banking services that will be available on March 31, 2025, are as follows:
-Government tax payments (Income Tax, GST, Customs, Excise duties)
-Pension payments and government subsidies
-Disbursement of government salaries and allowances
-Public transactions related to government schemes and subsidies.
Also Read: Gross NPA of banks decline to 12-year low of 2.6%, bad loan ratio to worsen in 2026: RBI Report
April 1 bank holiday
As directed by the RBI, banks will remain closed for services in most states and Union Territories, except West Bengal, Mizoram, Meghalaya, Himachal Pradesh, and Chhattisgarh, for the annual account closing.
Digital Banking
Online and mobile banking services for government-related transactions (such as tax payments and fund transfers) are expected to remain operational on March 31 and April 1, 2025. Customers should verify specific instructions with their respective banks.
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Business NewsIndustryBankingRBI cancels March 31 bank holiday: PSBs, private banks to stay open for fiscal-end closures
First Published:13 Feb 2025, 04:52 PM IST
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