Reserve Bank of India (RBI) has announced that all banks must remain open on March 31, 2025, despite it being a public holiday. This decision ensures that crucial government transactions, including receipts and payments, are completed before the end of the financial year 2024-25. With this move, the RBI aims to help smoothen the year-end accounting process for the government and its various departments.
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| RBI directs banks to remain open on March 31 |
Initially, March 31 was marked as a bank holiday in most states due to the celebration of Ramzan-Id (Id-Ul-Fitr). However, in order to support year-end financial operations, the government has requested that banks operate on this day.
Moral of Story:
- Ensure all government transactions are completed by March 31.
- Banks will remain open to handle important payments and receipts.
- Tax payments and government-related services will be available.
- Check your bank's services to know the specifics of transactions.
- Banks will close on April 1 for financial account closing.
This decision to keep banks open on March 31 provides a great opportunity for individuals and businesses to complete their government transactions before the year ends. Whether it’s paying taxes, receiving pensions, or handling other government-related payments, this measure ensures that no one misses out on important deadlines.
As we approach the new financial year, it’s important to remember that banks will be closed on April 1 for account closing. However, online banking services will still be available for tax payments and fund transfers. Always check with your bank for specific instructions.
