March is a month of mixed emotions. For many, it signals the end of winter, and the beginning of the beautiful spring season. However, for banks and financial institutions, March means the end of the financial year.
With the annual closing of accounts scheduled for March 31, banks are required to complete all necessary work. In light of this, the Reserve Bank of India (RBI) has issued a new notice related to the opening and closing of banks.
The RBI has instructed banks to keep their branches open until the end of working hours on March 31, 2023. This will enable banks to complete all necessary work before the financial year ends.
Furthermore, the RBI has clarified that all government transactions done by banks for the fiscal year 2022-23 must be accounted for within the same financial year. Hence, it is imperative for banks to keep their branches open until the end of the financial year.
The official notification from the RBI reads, “Accordingly, all agency banks should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023.” This means that all bank branches across the country must remain open until the end of the financial year to complete all necessary transactions related to government transactions.
In addition to this, the RBI notification also stated that all transactions done through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) would continue until midnight on March 31, 2023. This is a positive move that will allow individuals and businesses to complete necessary financial transactions until the end of the financial year.
While March is a month of financial activity, it is also a month of festivals and holidays. Bank holidays in the month of March have varied from one place to the other due to several festivals. For example, March 22 marks a bank holiday on account of Gudhi Padwa in some places, while in others, banks remain open.
It is essential to keep in mind that on account of Ram Navami, banks’ branches in some places may be closed on March 30. However, this may vary, and one must check the official website of their bank to verify the status of the branches.
In conclusion, March is a busy month for banks and financial institutions, with the annual closing of accounts scheduled for March 31. To ensure that all necessary work is completed, the RBI has instructed banks to keep their branches open until the end of working hours on March 31, 2023.
Furthermore, all government transactions done by banks for the fiscal year 2022-23 must be accounted for within the same financial year. It is essential to keep in mind the bank holidays in March, as they vary from one place to another due to several festivals. I advise everyone to check their bank’s official website for updates on bank holidays and working hours.