RBI issues annual closing advisory, asks agency banks to keep branches open
1 min read 21 Mar 2023, 11:48 PM ISTThe annual closing of bank accounts is scheduled for March 31 every year. On April 1, banks are usually closed for public transactions. But as per the central bank's notification, government reporting window will be open till noon on April 1.
PremiumAll agency banks should open their designated branches for over the counter transactions related to government transactions up to the normal working hours on March 31, 2023, the Reserve Bank of India said on Tuesday.
The annual closing of bank accounts is scheduled for March 31 every year. On April 1, banks are usually closed for public transactions. But as per the central bank's notification, government reporting window will be open till noon on April 1.
"Regarding reporting of Central and State Government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023 will be kept open till 1200 hours noon on April 1, 2023," said the RBI notification.
In its advisory RBI has stated, ‘all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year.’
The central bank has noted that transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2023.
RBI will issue necessary instructions to Department of Payment and Settlement Systems (DPSS) for special clearing for collection of government cheques on March 31, 2023 for which the
Agency banks have been instructed to give adequate publicity to the special arrangements made by the RBI
