The Reserve Bank Of India (RBI) has said that 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 30 and March 31, 2024. According to the RBI notification dated March 20, 2024,
“The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY 2023-24 itself. Accordingly, Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday).”
Wenesday Rate
Wed 25 Dec. 2024
Further, as per a press release issued by RBI on March 22, 2024, “ith a view to providing greater convenience to tax payers, it has been decided that RBI offices dealing with Government business and all designated branches of agency banks conducting government banking business will keep their counters open as per normal working hours on March 30, 2024 and March 31, 2024; electronic transactions can be done till the stipulated time on both the days.” In a statement issued by Punjab National Bank on March 28, 2024, it stated, “In compliance with the circular issued by the Reserve Bank of India (RBI), Punjab National Bank (PNB), announces that branches dealing with Government receipts and payments will remain open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions related to receipts and payments in the FY 2023-24 itself.”
Banking transactions that can be done on March 30, 31
These below transactions are open for over the counter transactions related to government transactions upto the normal working hours on March 30 and March 31, 2024.
NEFT, RTGS Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto mid night 2400 as hitherto on March 31, 2024.
Cheque clearing
Agency Banks are hereby advised that all cheques related to Government accounts may be presented on such clearing. Note that the timing for presentation and return clearing of instruments for these special clearing sessions for government cheques will be intimated in due course.
Transactions relating to the following government business undertaken by agency banks are eligible for agency commission:
Revenue receipts and payments on behalf of the Central/State Government
Pension payments in respect of Central / State Governments
Special Deposit Scheme (SDS) 1975
Public Provident Fund (PPF) Scheme, 1968
Senior Citizen Savings Scheme (SCSS), 2004
Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account
Any other item of work specifically advised by Reserve Bank as eligible for agency commission (viz. Relief Bonds/ Savings Bonds etc. transactions)
What is an agency bank
As per the central bank website, “RBI carries out the general banking business of the governments through its own offices and commercial banks, both public and private, appointed as its agents. Section 45 of the Reserve Bank of India Act, 1934, provides for appointment of scheduled commercial banks as agents at all places or at any place in India, for purposes that it may specify, “having regard to public interest, convenience of banking, banking development and such other factors which in its opinion are relevant in this regard. Reserve Bank of India maintains the Principal Accounts of Central as well as State Governments at its Central Accounts Section, Nagpur. It has put in place a well-structured arrangement for revenue collection as well as payments on behalf of Government across the country. A network comprising the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act carry out the government transactions. At present all the public sector banks and select private sector banks act as RBI’s agents. Only designated branches of agency banks can conduct government banking business.”
