Some banks will open on Sunday, March 31! Examine full checklist of RBI’s Company Banks right here

March 2024 financial institution holidays: Sure financial institution branches shall be open to cater to authorities transactions for the fiscal yr 2023–2024 on Sunday, March 31. This determination comes from the Authorities of India, which has requested all financial institution branches dealing with authorities receipts and funds to stay operational on that day. The Reserve Financial institution of India (RBI) communicated this directive in a notification issued on March 21, 2024.
In line with ET, it is vital to notice that not all financial institution branches shall be open for normal transactions.Solely chosen branches designated as Company Banks shall be operational on Sunday, March 31.
These Company Banks are suggested to maintain all branches dealing with authorities transactions open on Sunday, March 31, as per the RBI notification dated March 20, 2024. Banks are additionally instructed to publicise the supply of banking companies on at the present time.
ALSO READ | March 2024 financial institution holidays: Banks closed for 14 days nationwide; test state-wise vacation checklist right here

What are Company Banks?

In line with the Reserve Financial institution of India (RBI) web site, the RBI conducts normal banking operations for governments by way of its personal workplaces and designated industrial banks, each private and non-private, appearing as its brokers. Part 45 of the Reserve Financial institution of India Act, 1934, permits for the appointment of scheduled industrial banks as brokers throughout India, contemplating components like public curiosity, banking comfort, growth, and different related components.
The RBI manages the first accounts of each Central and State Governments at its Central Accounts Part in Nagpur. It has established a complete system for income assortment and authorities funds nationwide. This technique includes the Authorities Banking Divisions of the RBI and branches of Company Banks appointed underneath Part 45 of the RBI Act.
At present, all public sector banks and sure personal sector banks function brokers for the RBI. Solely specified branches of those Company Banks are authorised to conduct authorities banking operations.

Full checklist of Company Banks

As per the info launched on December 7, 2023, by RBI web site, there are a complete of 33 Company Banks. These Company Banks are authorised to deal with authorities operations associated to receipts and funds.

RBI’s Company Banks Listing as of Could 30, 2023

Supply: RBI web site

Financial institution vacation on April 1

In line with the RBI financial institution vacation web page, banks shall be closed in all states on April 1 to permit them to shut their yearly accounts. The RBI yearly publishes an inventory of financial institution holidays, which incorporates leaves categorised underneath three sections: ‘Vacation underneath Negotiable Devices Act,’ ‘Vacation underneath Negotiable Devices Act and Actual Time Gross Settlement Vacation,’ and ‘Banks’ Closing of Accounts.’

Tax division’s working preparations

On account of pending tax-related duties, the Revenue Tax division has revoked the lengthy weekend for its staff. In an order dated March 31, 2024, the division declared that every one Revenue Tax Workplaces throughout India will stay operational on March twenty ninth, thirtieth, and thirty first, 2024, to facilitate the completion of pending departmental work.