Annual closing: RBI asks banks to keep branches open till normal working hours of 31st March


 Biznextindia : With the 2022-23 financial year closing, the annual closing of accounts is scheduled for 31st March 2023. Keeping this in view, the Reserve Bank of India (RBI) has asked banks to keep their branches open till working hours of 31st March 2023.

“All government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Government transactions for March 31, 2023. 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” RBI said in a notification.

“Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2023. Special clearing will be conducted for collection of government cheques on March 31, 2023 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.

Regarding reporting of Central and State Government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023 will be kept open till 1200 hours noon on April 1, 2023” it added.

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