 "Banks to remain open on March 31 despite Easter Sunday: Here's why")
The Reserve Bank of India (RBI) has announced that all agency banks involved in government transactions will remain open on March 31, 2024. This decision coincides with Easter Sunday, a significant celebration for the Christian community. However, the RBI's directive comes in response to the Centre's request to ensure all governmental receipts and payments are accounted for within the financial year 2023-24.
Reasons for remaining open
The closure of banks on a Sunday, especially when it aligns with the conclusion of the financial year, poses a challenge for the finalisation of government accounts. The RBI's decision aims to prevent any potential delays in processing critical financial transactions, ensuring a smooth transition into the new financial year. This step aims at maintaining fiscal discipline and preventing the accumulation of transaction backlogs.
Role and function of agency banks
Agency banks, appointed by the RBI, handle government-related financial operations. This network includes a blend of public and private sector banks, alongside a foreign bank, ensuring extensive coverage and accessibility for governmental transactions. These institutions ensure seamless execution of payments and receipts across various government departments.
Banks open for business on March 31
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The RBI has designated 33 agency banks to remain operational on this significant date. This list comprises 12 public sector banks, including prominent names such as the State Bank of India (SBI) and the Bank of Baroda (BoB), alongside 20 private sector banks, with HDFC Bank Ltd and ICICI Bank Ltd among them. Additionally, DBS Bank India Ltd. represents the sole foreign bank in this arrangement. These banks are set to provide full services on March 31.
Public Sector Banks
1. Bank of Baroda
2. Bank of India
3. Bank of Maharashtra
4. Canara Bank
5. Central Bank of India
6. Indian Bank
7. Indian Overseas Bank
8. Punjab and Sind Bank
9. Punjab National Bank
10. State Bank of India
11. UCO Bank
12. Union Bank of India
Private Sector Banks
13. Axis Bank Ltd
14. City Union Bank Ltd
15. DCB Bank Ltd
16. Federal Bank Ltd
17. HDFC Bank Ltd
18. ICICI Bank Ltd
19. IDBI Bank Ltd
20. IDFC FIRST Bank Ltd
21. IndusInd Bank Ltd
22. Jammu and Kashmir Bank Ltd
23. Karnataka Bank Ltd
24. Karur Vysya Bank Ltd
25. Kotak Mahindra Bank Ltd
26. RBL Bank Ltd
27. South Indian Bank Ltd
28. Yes Bank Ltd
29. Dhanlaxmi Bank Ltd
30. Bandhan Bank Ltd
31. CSB Bank Ltd
32. Tamilnad Mercantile Bank Ltd
Foreign banks
33. DBS Bank India Limited