RBI announces special measures on 31 March for transaction of government accounts
RBI has announced special measures for transaction of central and state government business by banks handling government accounts on 31 March
Mumbai: The Reserve Bank of India (RBI) has announced special measures for transaction of central and state government business by banks handling government accounts on 31 March in view of the closing of the financial year on that day.
In a release late on Tuesday, the RBI also said special arrangements have been made to conduct special clearing operations on 31 March in order to facilitate government receipts and payments.
"With a view to providing greater convenience to tax payers, it has been decided that RBI offices and all designated branches of agency banks conducting government banking will keep their counters open up to 8.00 pm. on 31 March, 2018.
"Electronic transactions can be done till the midnight of that day," it said.
"To facilitate government receipts and payments, necessary arrangements have also been made to conduct special clearing operations across the country. Centralised payment systems such as the RTGS and NEFT will also be operational with the above extended business hours."
"As far as 2 April, 2018 is concerned, since it has been declared as a holiday to enable the banks to close their yearly accounts, although RBI offices will work on that day, centralised payment systems such as the RTGS and NEFT will not be operational on that day," the statement added.
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RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to historic low.
Jagdishan, a chartered accountant by profession, is a science graduate and has a Master's degree in Economics of Money, Banking and Finance. He has over 29 years of experience in the banking industry