The Reserve Bank of India (RBI) has issued an advisory to all banks handling government transactions, instructing them to remain open on March 31, 2025, a public holiday, to ensure that government transactions are completed. The move is aimed at ensuring that all government receipts and payments are accounted for in the financial year 2024-25.
The advisory specifically applies to “Agency Banks” which handle government business, and includes 33 banks such as Bank of Baroda, Canara Bank, State Bank of India, Central Bank of India, Axis Bank, HDFC Bank, ICICI Bank, Federal Bank, Yes Bank, Dhanlaxmi Bank, and IndusInd Bank among others. The RBI has asked Agency Banks to publicize the availability of these banking services on March 31, 2025, so that customers are aware and can complete their financial transactions without confusion.
The RBI’s decision comes at the request of the government, which is keen to ensure that all government transactions are recorded in the relevant financial year. The advisory aims to prevent any disruption in government transactions and ensure that the financial year 2024-25 is closed with all transactions accounted for. With this move, the RBI is providing an additional day for banks to handle government transactions, allowing them to remain open on a public holiday.
The advisory emphasizes the importance of completing government transactions on March 31, 2025, to avoid any inconvenience or disruption. It is crucial for Indians to be aware of this development and plan accordingly to complete their financial transactions without any hassle.