All banks to remain closed on April 1: RBI

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The Reserve Bank of India (RBI) has announced that all the bank branches dealing in government businesses will remain closed on April 1, reported The Hindu.

In its earlier announcement on March 24, the RBI has instructed all the authorised banks to be open on all days from March 25 to April 1, including Saturday, Sunday and all holidays.

This directive was passed to facilitate the government’s receipts and payments during the annual closing procedure.

The departments concerned of RBI were also to remain open on these days.

 “On reconsideration, it has been decided that these branches need not be opened on April 1, 2017,” said RBI in its revised communiqué.

 “The RBI is fully aware that March 25 and 26 would be weekly holidays for the banks. But very late on 24th evening, the RBI had flashed their instructions through the press and electronic media,” stated a joint letter written by RBI to Indian Banks’ Association, All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA).

“In this connection, it has been represented that opening of bank branches on April 1, 2017, may disrupt annual closing, especially in view of merger of some banks taking effect from that date,” RBI added further.

“In consultation with the government, it has, therefore, been decided that while agency banks are to keep all their branches dealing with government business open on all days in the current financial year (including Saturday, Sunday and all holidays), these branches need not be kept open on April 1, 2017,” RBI said.