The annual closing of accounts just 10 days away and the financial year 2022–23 is coming to an end, the Reserve Bank of India (RBI) has directed all banks to keep their branches open until the end of the working hours on March 31.
The annual closing of bank accounts is scheduled for March 31 every year. On April 1, the banks are usually closed for public transactions. But as per the central bank’s notification, government reporting window will be open till noon on April 1.
In a letter to all agency banks, the Central Bank directed all government transactions done by agency banks for the Financial Year 2022-23 must be accounted for within the same financial year and it also added, “Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours (12 midnight) as hitherto on March 31, 2023.”
Also, special clearing will be conducted for the collection of government cheques on March 31, for which the Department of Payment and Settlement Systems (DPSS) of the RBI will issue necessary instructions.
The letter also read, “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.”
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