Mumbai: The Reserve Financial institution of India (RBI) has requested all company banks dealing with authorities transactions to make sure that their branches stay open on March 31, 2024. This choice comes because the final day of the present monetary 12 months (2023-24) falls on a Sunday.
Why did RBI ask banks to stay open on Sunday?
It’s pertinent to say that banks are sometimes closed on all Sundays and on the 2nd and 4th Saturdays of each month. Nevertheless, the RBI in an announcement stated, stated “The Authorities of India has made a request to maintain all branches of the banks coping with Authorities receipts and funds open for transactions on March 31, 2024 (Sunday) in order to account for all of the Authorities transactions referring to receipts and funds within the FY 2023-24 itself.”
Accordingly, Company Banks are suggested to maintain all their branches coping with authorities enterprise open on March 31, 2024 (Sunday), it stated.
The RBI additional stated that the banks shall give due publicity on the supply of the above banking providers on at the present time.
What are Company banks?
Company banks check with business banks which are approved by the Reserve Financial institution of India (RBI) to behave as brokers for the federal government and carry out varied banking actions on behalf of the federal government. These banks play an important position in facilitating authorities transactions and providers throughout the nation. A number of the key capabilities carried out by company banks in India embrace assortment of taxes and disbursement of presidency funds amongst others.
Checklist of Company banks
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Scheduled Public Sector banks (put up amalgamation)
- Financial institution of Baroda
- Financial institution of India
- Financial institution of Maharashtra
- Canara Financial institution
- Central Financial institution of India
- Indian Financial institution
- Indian Abroad Financial institution
- Punjab and Sind Financial institution
- Punjab Nationwide Financial institution
- State Financial institution of India
- UCO Financial institution
- Union Financial institution of India
-
Scheduled Personal Sector Banks
- Axis Financial institution Ltd.
- Metropolis Union Financial institution Ltd.
- DCB Financial institution Ltd
- Federal Financial institution Ltd.
- HDFC Financial institution Ltd.
- ICICI Financial institution Ltd.
- IDBI Financial institution Ltd.
- IDFC FIRST Financial institution Ltd
- IndusInd Financial institution Ltd
- Jammu and Kashmir Financial institution Ltd. (Accepted for restricted company enterprise)
- Karnataka Financial institution Ltd.
- Karur Vysya Financial institution Ltd.
- Kotak Mahindra Financial institution Ltd.
- RBL Financial institution Ltd
- South Indian Financial institution Ltd.
- Sure Financial institution Ltd.
- Dhanlaxmi Financial institution Ltd.
- Bandhan Financial institution Ltd.
- CSB Financial institution Ltd.
- Tamilnad Mercantile Financial institution Ltd.
- DBS Financial institution India Restricted (Scheduled international financial institution issued license by RBI for carrying on banking enterprise in India by means of Wholly Owned Subsidiary (WOS) mode.)
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