With the annual closing of accounts slated for March 31 as the fiscal year 2022-23 comes to an end, the Reserve Bank of India (RBI) has advised all banks to maintain their branches open till the above-mentioned date’s working hours.
The RBI stated in a letter to all agency banks on Tuesday that all government transactions done by agency banks in 2022-23 must be accounted for within the same fiscal year.
“Accordingly, all agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023,” the central bank letter stated.
It further stated that transactions via the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) Systems will continue until 12 midnight on March 31, 2023, as previously stated.
In addition, on March 31, special clearing will be undertaken for the collection of government checks, for which the RBI‘s Department of Payment and Settlement Systems (DPSS) will provide relevant instructions.
The reporting window for Central and state government transactions to the RBI, including uploading of GST or TIN2.0 e-receipts luggage files, would be kept open until 12 noon on April 1, the RBI told all banks.
