Banks to remain open on March 25 and March 26, 2017 for Govt. Business

Banks to remain open on March 25 and March 26, 2017 for Govt. Business

Reserve Bank of India issued notification today that all Agency Banks to remain open for public on Saturday 25th March and Sunday 26th March 2017 too, for transacting Government Business.

The notification says The Government of India has advised that all Pay and Account Offices will remain open on all days up to April 1, 2017 to facilitate government receipt and payment functions. Accordingly, all Agency Banks are advised to keep all their branches dealing with government business open on all days in the current financial year and on April 1, 2017 (including Saturday, Sunday and all holidays).

Banks may give due publicity about availability of above banking services on these days.

A network comprising the Public Accounts Departments of RBI and branches of Agency Banks appointed under Section 45 of the RBI Act carry out the Govt. transactions.

At present all the public sector banks and three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. act as RBI’s agents. Only authorised branches of Agency banks can conduct Govt. business.

So all the authorised branches of all public sector banks, HDFC Bank, ICICI Bank and Axis Bank will remain open on 25th March and 26th March 2017 i.e., Saturday and Sunday and all holidays (if any in any states) till 1st April 2017 for tax collections and government receipts.

The facility might have been given by the RBI to give time to deposit the money under Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016.

Source:Bankersclub