Bank Holiday News: The Reserve Bank of India (RBI) has ordered that all agency banks will remain open on March 31, 2025. March 31 is a public holiday in most states of the country due to Eid. RBI has given this instruction so that all transactions related to government revenue, payment and settlement can be completed before the start of the new financial year.
Bank Holiday News: The Reserve Bank of India (RBI) has directed all agency banks to remain open on March 31, 2025 (Monday). RBI said that even though there is a holiday in many states due to Eid, agency banks will remain open for the general public on March 31. Banks were to be closed on March 31 in almost all states except Himachal Pradesh and Mizoram for the holy festival of Muslims, Ramadan-Eid i.e. ‘Eid ul Fitr’. March 31, 2025 will be the last day of the financial year. In such a situation, RBI has ordered agency banks to remain open to continue government transactions.
The purpose of the new directive is to ensure that all government-related financial transactions, including receipts and payments, are properly recorded within the financial year ending March 31, 2025. The government’s financial year ends on March 31. This means that all transactions related to government revenue, payment and settlement should be completed before the beginning of the new financial year.
The government has to make some receipts and payments within the financial year 2024-25. Therefore, agency banks will remain open. RBI has also been asked to inform the general public about this in an official statement. RBI said in a notification, “All banks will make proper publicity about the availability of banking services on this day (March 31).”
Banks were open last year too
Last financial year also, the Reserve Bank of India had announced that March 31, 2024 (Sunday) would be a working day for all agency banks handling government transactions. RBI had directed all bank branches to remain open to complete all government transactions related to receipt and payment for the financial year 2023-24.
What are agency banks?
The Reserve Bank of India (RBI) has designated several banks including public sector, private sector and foreign banks as its agency banks. These institutions are authorized to handle government transactions on behalf of the RBI. As of May 30, 2023, the list of RBI’s agency banks includes several public sector banks such as Bank of Baroda, State Bank of India, UCO Bank and Union Bank of India as well as private sector banks such as Axis Bank, HDFC Bank, ICICI Bank and foreign banks such as DBS Bank India Limited.
These banks will remain open on 31 March
The agency banks which will remain open on 31 March include major banks like Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of India, UCO Bank, Union Bank of India, Axis Bank Ltd, City Union Bank Ltd, DCB Bank Ltd, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC FIRST Bank, IndusInd Bank, Jammu & Kashmir Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank, Yes Bank, Dhanlaxmi Bank, Bandhan Bank, CSB Bank, Tamilnad Mercantile Bank and DBS Bank India.
