The Central Bank of India stated on Tuesday that all agency banks shall open their authorised branches for over-the-counter transactions relating to government transactions up until regular business hours on March 31, 2023.
Every year on March 31st, bank accounts are scheduled to close. Banks are typically closed for business on April 1. Nonetheless, the government reporting window will be open until noon on April 1 in accordance with a notification from the central bank.
The RBI statement stated that the reporting window for Central and State Government transactions, including the uploading of GST/TIN2.0/e-receipts baggage files, would remain open until 1200 hours midday on April 1, 2023.
“All government transactions done by agency banks for the Financial Year 2022-23 shall be accounted for within the same financial year,” the RBI added in its guidance.
The National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) systems will continue to operate on March 31, 2023, up until 2400 hours as they have in the past.
On March 31, 2023, RBI will provide the Directorate of Payment and Settlement Systems (DPSS) with the appropriate instructions for special clearing for the collecting of government checks.
Agency banks have been told to publicise the extraordinary provisions provided by the RBI in a timely manner.