Bank holiday news: The Reserve Bank of India (RBI) has directed all agency banks to be open on 31 March 2025 (Monday). The RBI said that even though there is a holiday in many states due to Eid, the agency banks will be open to the general public on 31 March. The holy festival of Muslims, Ramadan-Eid i.e. ‘Eid ul Fitr’, was scheduled to be closed on 31 March in almost all states except Himachal Pradesh and Mizoram. 31 March 2025 will be the last day of the financial year. In such a situation, RBI has ordered agency banks to remain open to continue government transactions.
The aim of the new instructions is to ensure that all government-related financial transactions, including the receptors and payment, are properly recorded within the financial year ending on March 31, 2025. The government’s financial year ends on 31 March. This means that all transactions related to government revenue, payment and settlement should be completed before the start of the new financial year.
The government will have to make some resips and payment within the financial year 2024-25. Therefore, the agency banks will be open. RBI has also asked in an official statement to inform the general public about this. RBI said in a notification, “All banks will properly publicize about the availability of banking services on this day (on 31 March).”
Banks were also opened last year
In the last financial year too, the Reserve Bank of India had announced that 31 March 2024 (Sunday) will be working day for all agency banks handling government transactions. The RBI had directed all bank branches to be open to fulfill all government transactions related to the receip and payment for the financial year 2023-24.
What are agency banks?
The Reserve Bank of India (RBI) has nominated several banks including public sector, private sector and foreign banks as its agency bank. These institutes are authorized to handle government transactions by RBI. By May 30, 2023, many public sector banks like banks of Baroda, State Bank of India, UCO Bank and Union Bank of India as well as private sector banks like Axis Bank, HDFC Bank, ICICI Bank along with RBI agency banks list And include foreign banks like DBS Bank India Limited.
These banks will remain open on 31 March
Among the agency banks that will be open on 31 March, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sindh Bank, Punjab National Bank, State Bank of India, UCO Bank, Union Bank of India, Axis Bank Limited, City Union Bank Limited, DCB Bank Limited, Federal Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, IndusInd Bank, Jammu & Kashmir Bank, Karnataka Bank, Karur Visits Major banks like Banks, Kotak Mahindra Bank, RBL Bank, South Indian Bank, Yes Bank, Dhanalakshmi Bank, Bandhan Bank, CSB Bank, Tamil Nad Mercantile Bank and DBS Bank India include major banks.