In A Rare Instance, RBI Directs Banks To Work On Sunday-March 31

The RBI also asked agency banks to keep all their branches dealing with government business open on March 31 and give due publicity about the availability of the above banking services on this day.

In a rare instance, the Banks will remain open on March 31 despite the day being a holiday on account of Sunday. The Reserve Bank of India (RBI) today issued an advisory to banks to keep its branches dealing with government business to remain open on March 31, the last day of the current financial year.

"The Government of India has requested 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)," the RBI said in a statement.

It also asked agency banks to keep all their branches dealing with government business open on March 31 and give due publicity about the availability of the above banking services on this day.

However, since the RBI has directed only agency banks to remain open on March 31, then it's likely that the banks may not offer public services on the day. They will only work to clear the government work to conclude the financial year log.

As per RBI list, bank branches will remain closed for the following days in March 2024

Chapchar Kut: March 1
Mahashivratri (Maha vad-13)/Sivarathri: March 8
Bihar Divas: March 22
Holi (Second Day) - Dhuleti/Dol Jatra/Dhulandi: March 25
Yaosang 2nd Day/Holi: March 26
Holi: March 27
Good Friday: March 29

Reserve Bank of India places its Holidays under three brackets —Holiday under the Negotiable Instruments Act; Holidays under the Negotiable Instruments Act and Real Time Gross Settlement Holiday; and Banks’ Closing of Accounts. However, it must be noted that bank holidays vary in various states and well not observed by all banking companies. Banking holidays also depend on the festivals being observed in specific states or notification of specific occasions in those states.