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RBI asks govt banks to function on March 31
Economy

RBI asks govt banks to function on March 31

Agency News

New Delhi/Mumbai, Mar 28 : With a view to providing greater convenience to tax payers, the Reserve bank of India on Thursday asked all banks conducting government banking business and its offices to keep their counters open on March 31 — Sunday.

The central bank has also asked the banks to open them up to 2000 hrs on Saturday -- March 30 --and upto 1800 hrs on March 31, 2019.

According to a RBI statement, electronic transactions can be done till the stipulated time on both the days.

In order to facilitate government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country.

Centralised payment systems such as the RTGS and NEFT will also be operational with “extended business hours. Separate broadcast message will be issued through the respective systems indicating the extended time window to the participating banks,” it said.

As far as April 1, 2019 is concerned, since it has been declared as a holiday to enable the banks to close their yearly accounts, although RBI offices will work on that day, centralised payment systems such as the RTGS and NEFT will not be operational on that day. (UNI)