RBI orders Agency Banks to facilitate government transactions on March 31

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The Reserve Bank of India (RBI) has asked Agency Banks to keep all their branches dealing with government business open on March 31, 2024 (Sunday).

This follows the Government of India’s request to keep all branches of the banks dealing with Government receipts and payments open for transactions on the said day to account for all the Government transactions relating to receipts and payments in the FY24 itself.

RBI asked Banks to give due publicity about the availability of the above banking services on this day.

The central bank maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section, Nagpur. It has put in place a well-structured arrangement for revenue collection and payments on behalf of the Government across the country.

A network comprising the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act carries out government transactions.

The central bank has 33 agency banks, including 12 public sector banks, 20 private sector banks and one foreign bank (DBS Bank India Ltd).