RBI: All agency banks to remain open for public on March 31 

RBI: All agency banks to remain open for public on March 31

RBI: All agency banks to remain open for public on March 31

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The Reserve Bank of India (RBI) has requested all agency banks, dealing with government business, to remain open for public on Sunday (31st March).

As per further information from RBI, “The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2024 (Sunday) so as to account for all the Government transactions relating to receipts and payments in the FY 2023-24 itself. Accordingly, Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2024 (Sunday). Banks shall give due publicity about the availability of the banking services on this day.”

The RBI’s agency banks include a number of public-sector banks (PSBs), including Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank etc.

A number of private banks are listed as agency banks of the RBI as well, including Axis Bank Ltd., City Union Bank Ltd., DCB Bank Ltd., Federal Bank Ltd., HDFC Bank Ltd., and ICICI Bank Ltd.

The finance minister, Nirmala Sitharaman, was visited by RBI Governor Shaktikanta Das in advance of the central bank’s interest rate-setting panel meeting the following month. At her North Block office, the minister separately met with Madhabi Puri Buch, the chairperson of SEBI.

These policy talks are taking place while the stock market is experiencing extreme volatility and the industry is putting forth a case for a reduction in interest rates. Since February 2023, the RBI has maintained the benchmark interest rate, also known as the repo rate, at a high level of 6.5%.

Shreyas Vange

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12635&Mode=0

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