Banks will remain open till March 31: RBI issued this order, and this work will have to be completed before the end of the financial year
Big news has come out regarding the March closing. According to the order of RBI, now all the branches of all the banks will remain open on 31st March. After March 31, banks will not function for two consecutive days i.e. April 1 and 2. In fact, the Reserve Bank of India has said that all transactions related to the government should be completed before the end of this financial year.
What is an RBI order?
According to this RBI order, all transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) will continue till 12 midnight on March 31 this time. Along with this, special clearing arrangements are being made so that the collection of government checks can be completed from March 31 to afternoon of April 1.
Continue transactions till normal working hours
In its order sent to the banks, the RBI has said that all banks should keep government transactions and related counters open till their normal working hours on March 31, 2023. Apart from this, the collection of government checks should also be done on March 31, which would be cleared by noon the next day. RBI’s Department of Payment and Settlement Systems (DPSS) will also issue necessary instructions related to this.