RBI Extends Govt Transaction Reporting Window, Issues Special Measures for Financial Year Ending

The Reserve Bank of India ( RBI ) has issued special measures to all the agency banks for the 2024-25 Financial Year ending. As the year ending is nearing, it is important for all banks to close the dealings within time. For timely reporting and and to maintain financial transparency, the RBI has issued for measures for the agency banks :

1. All Government transactions done by agency banks for the Financial Year 2023-24 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, 2024.

2. 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 30 and March 31, 2024.

Read More:  RBI directs all Agency Banks Dealing with Government Transactions to Operate on March 31st (Sunday)

3. Transactions through National Electronic Funds Transfer ( NEFT ) and Real Time Gross Settlement ( RTGS ) System will continue up to 2400 hours as hitherto on March 31, 2024.

4. Special clearing will be conducted for Government cheques both on March 30 & 31, 2024. Agency Banks are hereby advised that all cheques related to Government accounts may be presented on such clearing. The timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course.

5. Regarding reporting of Central and State Government transactions to RBI, including uploading of GST/ TIN 2.0/ ICEGATE/ e-receipts luggage files, the reporting window of March 31, 2024 will be kept open till 1200 hours noon on April 1, 2024.

Read More: Agency banks must upload GST, ICEGATE, and TIN 2.0 luggage files by 1800 hours, No Extension: RBI

6. Agency banks may take note and give adequate publicity to the special arrangements made as above.

LIST OF AGENCY BANKS

The following are the list of agency banks as on 30th May 2023 as per the RBI release on December 7, 2023 :

 Scheduled Public Sector banks ( post amalgamation )

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

Scheduled 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 South Indian Bank Ltd.
27. Yes Bank Ltd.
28. Dhanlaxmi Bank Ltd.
29. Bandhan Bank Ltd.
30. CSB Bank Ltd.
31. Tamilnad Mercantile Bank Ltd

Foreign Banks

DBS Bank India Limited #

Note: *Approved for limited agency business.

# Scheduled foreign bank issued licence by RBI for carrying on banking business in India through Wholly Owned Subsidiary ( WOS ) mode.

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