The Reserve Bank of India (RBI) has declared that all agency banks participating in government transactions will remain operating till March 31, 2024. The RBI has designated agency banks to oversee government-related financial transactions. This network includes public and private institutions, as well as a foreign bank, allowing for extensive coverage and access to government dealings.
According to the RBI notification dated March 20, 2024, “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).”
In a separate press release, RBI said:“With a view to providing greater convenience to taxpayers, it has been decided that RBI offices dealing with Government business and all designated branches of agency banks conducting government banking business will keep their counters open as per normal working hours on March 30, 2024 and March 31, 2024; electronic transactions can be done till the stipulated time on both the days.” Services that will become available on March 31, 2024
NEFT and RTGS
The RBI has announced that transactions through the National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) Systems will continue until midnight 2400 on March 31, 2024, as previously scheduled.
Cheque clearing
Agency banks have been notified that all cheques relating to government accounts may be presented for clearance. The schedule for presenting and returning instruments for these special clearing sessions for government cheques will be announced in due course.
Agency banks can earn commission on transactions involving the following government business:
> Revenue receipts and payments on behalf of the central or state government
> Pension payments for central and state governments
> Special Deposit Scheme (SDS) 1975.
> Public Provident Fund (PPF) Scheme, 1968.
> Senior Citizen Savings Scheme (SCSS) (2004)
> Kisan Vikas Patra, 2014; Sukanya Samriddhi Account
> Any other piece of work specifically advised by the Reserve Bank as eligible for agency commission (e.g., Relief Bonds/Savings Bonds transactions). Banks are open for business on March 31.
The RBI has designated 33 agency banks to continue operating on this critical date. This list includes 12 public sector banks, including well-known brands like the State Bank of India (SBI) and the Bank of Baroda (BoB), as well as 20 private sector banks, including HDFC Bank Ltd and ICICI Bank Limited. Furthermore, DBS Bank India Ltd. is the sole foreign bank in this arrangement. These banks plan to offer full services on March 31.
Public Sector Banks
1. Bank of Baroda
2. Bank of India
3. Bank of Maharashtra
4. Canara Bank
5. Central Bank of India
6. Indian Bank
7. Indian Overseas Bank
8. Punjab and Sind Bank
9. Punjab National Bank
10. State Bank of India
11. UCO Bank
12. Union Bank of India
Private Sector Banks
13. Axis Bank Ltd
14. City Union Bank Ltd
15. DCB Bank Ltd
16. Federal Bank Ltd
17. HDFC Bank Ltd
18. ICICI Bank Ltd
19. IDBI Bank Ltd
20. IDFC FIRST Bank Ltd
21. IndusInd Bank Ltd
22. Jammu and Kashmir Bank Ltd
23. Karnataka Bank Ltd
24. Karur Vysya Bank Ltd
25. Kotak Mahindra Bank Ltd
26. RBL Bank Ltd
27. South Indian Bank Ltd
28. Yes Bank Ltd
29. Dhanlaxmi Bank Ltd
30. Bandhan Bank Ltd
31. CSB Bank Ltd
32. Tamilnad Mercantile Bank Ltd
33. DBS Bank India Limited
