RBI directs all banks to keep their branches open till March 31, 2023.

The Reserve Bank of India directed all banks to keep their branches open until the end of the working hours on March 31, 2023.

The Reserve of India informed it in a letter to all agency banks on Tuesday where it wrote all government transactions done by agency banks for the year 2022-2023 must be accounted for within the same financial year.

Accordingly, all agency banks should keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2023," the letter stated.

The RBI further stated that the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 12 midnight as hitherto on March 31, 2023.

Apart from this, for the special clearing of government cheques, the Department of Payment and Settlement Systems (DPSS) of the RBI will issue necessary instructions.

And in regards to the reporting window to upload Central and state government transactions to RBI, including uploading of GST or TIN2.0 e-receipts luggage files will be kept open till 12 noon on April 1, 2023.

Source- Business Standard