Banks open this Sun, Sat: Transactions you can do

Synopsis

Banks working on Saturday, Sunday: In order to account for all government operations pertaining to receipts and payments in the FY 2023–2024, the Government of India has requested that all bank branches handling government receipts and payments remain open for business on Saturday, Sunday.

banking branchET Online
These banks will be open on March 30, 31.

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).”

Also read: These banks will be open on Sunday, March 31, 2024: Transactions you can do, full list of RBI’s agency banks

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.”

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.

Also read: Long weekend cancelled for income tax department; it will work on March 29 to 31st to facilitate taxpayers

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.”

Also read: Finish your tax saving investments well before March 31 this year: Here’s why

Full list of agency banks

Data from the RBI website, which was released on December 7, 2023, indicates that there are 33 agency banks. Agency banks are those which are authorized for government operations pertaining to receipts and payments.

List of agency banks of RBI as on May 30, 2023

Sl No. Name of Agency Bank

1 Bank of Baroda

2 Bank of India

3 Bank of Maharashtra

4 Canara Bank

5 Central Bank of India

6 Indian Bank

7 Indian Overseas Bank

8 Punjab and Sind Bank

9 Punjab National Bank

10 State Bank of India

11 UCO Bank

12 Union Bank of India

Scheduled Private Sector Banks

13 Axis Bank Ltd.

14 City Union Bank Ltd.

15 DCB Bank Ltd

16 Federal Bank Ltd.

17 HDFC Bank Ltd.

18 ICICI Bank Ltd.

19 IDBI Bank Ltd.

20 IDFC FIRST Bank Ltd

21 IndusInd Bank Ltd

22 Jammu and Kashmir Bank Ltd. *

23 Karnataka Bank Ltd.

24 Karur Vysya Bank Ltd.

25 Kotak Mahindra Bank Ltd.

26 RBL Bank Ltd

27 South Indian Bank Ltd.

28 Yes Bank Ltd.

29 Dhanlaxmi Bank Ltd.

30 Bandhan Bank Ltd.

31 CSB Bank Ltd.

32 Tamilnad Mercantile Bank Ltd.

Foreign Banks

33 DBS Bank India Limited#

*Approved for limited agency business.

# Scheduled foreign bank issued license by RBI for carrying on banking business in India through Wholly Owned Subsidiary (WOS) mode.

William Murphy

Related post