The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) has made a significant decision to keep all agency banks open on Sunday, march 31, 2024, despite it being a non-working day. This move aims to ensure smooth operations on the last day of the financial year 2023-24, allowing for the timely recording of all transactions for the fiscal year.
March 31 marks the culmination of the financial year, requiring all transactions to be accounted for within the designated timeframe. To facilitate this process and avoid any disruptions, the RBI has mandated that all government and certain private sector banks operate normally on this day, as per Section 45 of the RBI Act.
Moreover, the banks' opening hours will remain unchanged, with NEFT and RTGS transactions being accepted until midnight. Special provisions have been made for the clearance of government cheques. A multitude of banks, including both public and private sector institutions, will adhere to the RBI's directive and function as usual on march 31. This includes prominent names such as bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>state bank of india, hdfc bank, ICICI bank, Axis bank, and others, ensuring that banking services remain uninterrupted on this crucial day.
In addition to banks, the Income Tax Department offices will also remain operational on march 31, foregoing the holidays of Good friday as well as saturday and Sunday. This decision reflects the department's commitment to addressing end-of-year tax matters promptly and efficiently, aligning with the demands of the financial calendar.
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