Some banks open on March 30 and 31: Verify full record of Company Banks, providers allowed and extra | India Enterprise Information

Financial institution holidays 2024: The Reserve Financial institution of India (RBI) has instructed all company banks to maintain their branches open for presidency transactions throughout regular working hours on March 30 and March 31, 2024.
As per the RBI notification dated March 20, 2024, the Authorities of India has requested that each one branches of banks dealing with authorities transactions stay open on March 31, 2024 (Sunday).That is to make sure the well timed processing of all authorities transactions for the fiscal 12 months 2023-24. Consequently, company banks are suggested to maintain all their branches coping with authorities enterprise operational on March 31, 2024 (Sunday).
Moreover, in keeping with a press launch from the RBI dated March 22, 2024, to reinforce comfort for taxpayers, it has been decided that RBI workplaces dealing with authorities enterprise and all designated branches of company banks engaged in authorities banking operations will hold their counters open throughout common working hours on March 30, 2024, and March 31, 2024. Digital transactions might be obtainable till the desired time on each days.
As per an ET report, following are the transactions obtainable for over-the-counter processing associated to authorities dealings till the traditional working hours on March 30 and March 31, 2024.
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NEFT and RTGS

Transactions by the Nationwide Digital Funds Switch (NEFT) and Actual-Time Gross Settlement (RTGS) System will proceed till midnight (2400 hours) on March 31, 2024, as per the same old apply.

Cheque clearing

Company Banks are suggested to current all cheques associated to Authorities accounts for clearing. The timing for presenting and returning these devices in the course of the particular clearing classes for presidency cheques might be communicated at a later date.

Authorities enterprise

Transactions associated to the next authorities enterprise performed by company banks qualify for company fee:
1. Income receipts and funds on behalf of the Central/State Authorities.
2. Pension funds for each Central and State Governments.
3. Particular Deposit Scheme (SDS) 1975.
4. Public Provident Fund (PPF) Scheme, 1968.
5. Senior Citizen Financial savings Scheme (SCSS), 2004.
6. Kisan Vikas Patra, 2014, and Sukanya Samriddhi Account.
7. Another job particularly designated by the Reserve Financial institution for company fee, resembling Aid Bonds/Financial savings Bonds transactions.

Company Banks

Based on the central financial institution web site, the RBI conducts authorities banking enterprise by its personal workplaces and chosen business banks appearing as its brokers. Part 45 of the Reserve Financial institution of India Act, 1934, permits scheduled business banks to be appointed as brokers throughout India for specified functions, contemplating public curiosity and banking comfort. The RBI manages the primary accounts of each Central and State Governments in Nagpur. It has established a well-organized system for presidency income assortment and funds nationwide. Authorities transactions are carried out by a community of RBI’s Authorities Banking Divisions and branches of company banks appointed beneath Part 45. At present, all public sector banks and a few non-public sector banks function RBI’s brokers. Solely designated branches of company banks are approved to conduct authorities banking enterprise.
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Listing of Company Banks

Info from the RBI web site, dated December 7, 2023, reveals that there are 33 company banks. These banks are approved to deal with authorities operations associated to receipts and funds.

(Observe: Some banks are permitted for restricted company enterprise, and international banks function by wholly-owned subsidiaries.)