The Reserve Bank of India (RBI) has directed all agency banks to be open on 31 March 2025 (Monday). Even though banks will remain holiday in many states due to Eid-ul-Fitr, these banks will be open to the general public to continue government transactions on the last day of financial year 2024-25.
RBI aim: Timely disposal of financial transactions
The RBI has taken a step to ensure that all government financial transactions, receipts (receipts) and payment (payment) are recorded at the right time.
- March 31 is the last day of the financial year, so the government has to complete all the transactions related to its revenue, payment and settlement before the start of the new financial year.
- The RBI has instructed the agency banks to inform the general public about this decision and promote the availability of their services.
Banks were also opened last year
In the last financial year too, RBI had decided to keep the agency banks open on 31 March 2024 (Sunday). Even then all bank branches were employed to meet government transactions.
What are agency banks?
Agency banks are banks that are authorized by RBI to handle government transactions. These include public, private and foreign banks.
As of 30 May 2023, some major agencies in the list of RBI are banks:
- Public sector banks: SBI, Bank of Baroda, Bank of India, Union Bank of India, UCO Bank, Punjab National Bank etc.
- Private sector banks: HDFC Bank, ICICI Bank, Axis Bank, IDBI Bank, IndusInd Bank etc.
- Foreign Bank: DBS Bank India Limited.
These banks will be open on 31 March
According to RBI instructions, the following agency banks will be open on 31 March 2025:
Public Banks: Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Indian Bank, Punjab National Bank, State Bank of India, Union Bank of India, UCO Bank etc.
Private Banks: Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, Kotak Mahindra Bank, Yes Bank, Bandhan Bank etc.
Foreign Bank: DBS Bank India Limited.
