These banks will be open on Sunday, March 31

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 March 31, 2024 (Sunday). The Reserve Bank of India stated this in a notification issued on March 21, 2024.

Does this mean that all bank branches will be open on Sunday, March 31?

Which banks are open on March 31?

Note that not all bank branches will be open for transactions, only agency banks selected branch will be open on Sunday March 31, 2024.

As a result, Agency Banks are recommended to keep all of its branches dealing with with government receipts and payments open for transactions open on Sunday, March 31, 2024, for government business, according to the RBI notification dated March 20, 2024. The RBI has asked banks to give due publicity about the availability of the above banking services on this day.

Also read: Bank holidays in March 2024: Banks closed for 14 days across states; check state-wise list of bank holidays in March

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.”

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
Scheduled Public Sector banks (post amalgamation)
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.

Source: RBI website

Bank holiday on April 1

Banks will be closed in all states to enable to Banks to close their yearly accounts, according to the RBI bank holiday page.

The Reserve Bank of India publishes a list of bank holidays every year. This list includes leaves under three categories: ‘Holiday under Negotiable Instruments Act’, ‘Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday’ and ‘Banks’ Closing of Accounts’.

Tax department working on March 31

Considering the pending tax-related work, the Income-tax department has decided to cancel the long weekend for its employees. “To facilitate completion of pending departmental work, all the Income Tax Offices throughout India shall remain open on 29th, 30th and 31st March 2024,” said the Income-tax department in an order dated March 31, 2024.

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

Roy Walsh

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