The Reserve Bank of India (RBI) has mandated that banks open nationwide on Sunday, March 31, 2024. The RBI made a significant step by deciding to open banks nationwide on March 31, 2024, even though it is a Sunday. This information was provided by RBI in a social media post. All banks in the nation will stay open on March 31 by Central Bank directives.
What makes Sunday bank openings?
The RBI has ordered banks to open on March 31st, Sunday. Considering that today is the last day of the current fiscal year 2023–2024, the Reserve Bank has made this decision. According to the Reserve Bank of India, March 31st is the yearly closure date. In an instance like this, every bank will open, so that the transactions happening till the end of the financial year can be registered in the same year. The Government of India has requested to keep all branches of banks related to government receipt and payment open for transactions on March 31, so that accounts of all government transactions can be maintained.
What time do banks open?
As per the RBI, banks nationwide have been directed to open at their designated time on March 31, which is the annual closure of the fiscal year. On Sunday, March 31, all banks will open at their usual time and close at that same time. Customers can still make RTGS and NEFT transactions through midnight, though.
Income tax offices will continue to operate.
On Sunday, March 31, all income tax offices will be open in addition to banks. In addition to Sunday, income tax offices will be open on Good Friday, Friday, March 29, Saturday, March 30, and Sunday, March 31. It is mandated by the Income Tax Department to maintain open Income Tax offices around the nation. In light of Good Friday, the Income Tax Department has decided to cancel the extended break before the end of the fiscal year 2023–2024. According to the Income Tax Department, IT offices around the nation will be open on March 29, 30, and 31. This action has been taken by the Income Tax Department to guarantee that there will be no influence on the work in the last week of the financial year. Let us tell you that the stock markets will remain closed during this period.
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