Bank Holidays: The Reserve Bank of India (RBI) has directed all agency banks to remain open on 31 March 2025 (Monday). This decision has been taken keeping in mind the closing of the financial year 2024-25 so that there is no interruption in government transactions. Agency banks are those banks that manage the financial transactions of the government. These banks are authorized by the RBI and handle many financial operations related to the government.

Why did RBI make this decision?

Actually, on March 31, due to Eid ul Fitr, banks were going to be closed in almost all the states except Himachal Pradesh and Mizoram. But for the correct recording of government transactions at the end of the financial year, RBI has directed all agency banks to work so that all financial transactions related to the government can be completed on time.

Which services will remain operational in banks on March 31?

According to RBI, on March 31, banks will be open only for government transactions. Whether general customers will get banking services on this day or not, will be decided at the level of banks. However, some important transactions related to the government will be completed on this day, such as:

Government tax payments like income tax, GST, customs, excise duty

Transfer of pension payment and government subsidy

Distribution of salary and allowances of government employees

Public transactions related to government schemes

Will banks remain closed on April 1 as well?

Banks will remain closed almost across the country on April 1 (April 1 bank holiday), but banking services will continue in Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh due to annual account closing.

Digital banking will remain operational.

If you have to make any government payment through digital banking, then this facility will be available. Online and mobile banking services will remain operational during this time. However, customers should confirm with their bank in advance which services will be available on March 31.

If you have to pay any tax by March 31, settle the amount related to government schemes or avail facilities like pension, then know that banks will be open on that day. Other banking services may be limited for general customers, so contact your bank first. This decision of RBI has been taken to ensure smooth completion of the financial year 2024-25 so that all government transactions can be completed on time.

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