The financial year 2022–23 will finish on March 31, which is the date set aside for the yearly closure of accounts.
Public and private sector banks have been instructed to maintain all branches open till the end of this month.
All agency banks have been requested by the Reserve Bank of India (RBI) to maintain their branches open through March 31 in preparation for the yearly closure.
Lenders should make sure that government transactions this month are recorded within the same fiscal year, which is slated to expire on March 31, according to a press statement from the banking sector regulator that was released on March 21.
All agency banks were instructed to maintain their designated branches open on March 31 during regular business hours for over-the-counter transactions relating to government activities.
The RBI further stated that transactions made using the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems “would continue up to 24:00 hours as previously on March 31.”
On March 31, special clearance will be carried out in order to collect government checks; for this purpose, the Department of Payment and Settlement Systems (DPSS), an arm of the RBI, “will issue required instructions,” according to the announcement.
The central bank underlined in its direction to lenders that the reporting window for federal and state government transactions to RBI, including uploading of GST/TIN2.0/e-receipts baggage files, will be remained open until noon on April 1.
