Bank Holidays in March: In a note to all agency banks, the RBI also clarified that all government transactions done by them for FY23 must be accounted for within the same financial year
Bank holidays in the month of March have varied from one place to the other due to several festivals. While today, March 22 marks a bank holiday on account of Gudhi Padwa in some places, at others, banks are open. However, as per latest updates, the Reserve Bank of India (RBI) has now issued a new notice related to the opening and closing of banks.
According to the official release, the RBI has asked banks to keep their branches open till working hours of March 31, 2023. This is because with the financial year 2022-23 ending and annual closing of accounts scheduled, banks would be required to finish all the necessary work.
In a note to all agency banks, the RBI also clarified that all government transactions done by them for FY23 must be accounted for within the same financial year. Hence, taking this into consideration, banks have been asked to keep their branches open as per the directive.
The official notification from RBI reads, “Accordingly, all agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023.”
In addition to this, the RBI notification with regards to bank holidays and working hours also stated that all transactions done through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) would continue upto 12 midnight as hitherto on March 31, 2023.
For those wondering about the next bank holiday in March, please note that on account of Ram Navami, banks’ branches in some places may be closed on March 30. However, this may also vary and one must check it from the bank’s official website.