Weekend Banking:?The Government of India has urged all bank branches responsible for managing government receipts and payments to operate on March 31. This is to ensure the thorough management of all fiscal transactions related to the fiscal year 2023每2024. Consequently, only agency banks will be operational on this Sunday, while regular bank branches will remain closed for transactions. The Reserve Bank of India (RBI) has issued a notification directing banks to publicize the availability of banking services on this day.
※The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY2023-24 itself,§ the RBI said in a statement.
The closure of banks on a Sunday, particularly when it coincides with the end of the financial year, presents a challenge for the completion of government accounts. The RBI's decision is intended to mitigate any potential delays in processing vital financial transactions, thereby facilitating a seamless transition into the new financial year. This measure is aimed at upholding fiscal discipline and preventing the accumulation of transactional backlogs.
"A network consisting of the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act carries out government transactions. Currently, all public sector banks and selected private sector banks act as agents for the RBI. Only designated branches of agency banks are authorized to conduct government banking business," as stated on the RBI's website.
Agency banks are those authorized to handle government receipts and payments. According to data published on the RBI website on December 7, 2023, there are a total of 33 agency banks, including 12 state banks and 20 private sector banks. Additionally, DBS Bank India Limited is the sole foreign bank included in this arrangement.
| Bank of Baroda | Punjab National Bank |
|---|---|
| Bank of India | State Bank of India |
| Bank of Maharashtra | UCO Bank |
| Canara Bank | Union Bank of India |
| Central Bank of India | Axis Bank Ltd. |
| Indian Bank | City Union Bank Ltd. |
| Indian Overseas Bank | DCB Bank Ltd |
| HDFC Bank Ltd. | ICICI Bank Ltd. |
| IDBI Bank Ltd. | IDFC FIRST Bank Ltd? |
| Punjab and Sind Bank | Federal Bank Ltd. |
| IndusInd Bank Ltd? | Jammu and Kashmir Bank Ltd. |
| Karnataka Bank Ltd. | Karur Vysya Bank Ltd.? |
| Kotak Mahindra Bank Ltd. | RBL Bank Ltd? |
| South Indian Bank Ltd. | Yes Bank Ltd. |
| Dhanlaxmi Bank Ltd. | Bandhan Bank Ltd. |
| CSB Bank Ltd. | Tamilnad Mercantile Bank Ltd |
| ?DBS Bank India Limited | - |
DBS Bank India Limited, a scheduled foreign bank authorized by the RBI to conduct banking operations in India through the Wholly Owned Subsidiary (WOS) mode.
Previously, the Income Tax department announced the cancellation of the long weekend initially scheduled from March 29 to March 31, 2024. This decision was made due to pending tax-related tasks that require attention. The original schedule included Good Friday on March 29, a public holiday, followed by Saturday, March 30, and Sunday, March 31.
"In order to facilitate the completion of pending departmental work, all Income Tax Offices throughout India will remain open on March 29, 30, and 31, 2024," stated the Income Tax department in an order dated March 31, 2024.
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