Agency banks dealing with govt transactions to remain open on March 31: RBI
Agency banks to keep government business branches open on March 31: RBI
Agency banks to keep government business branches open on March 31, announced Reserve Bank of India on Wednesday.
"Agency Banks are advised to keep all their branches dealing with government business open on March 31," RBI said in a statement.
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Why did RBI advise banks to remain open on Sunday?
Banks remain closed on all Sundays and 2nd and 4th Saturdays of every month. However, RBI said, the government of India has requested that all branches of banks handling government receipts and payments remain open for transactions on March 31 (Sunday) to ensure all fiscal year 2023-24 transactions are duly recorded, according to the statement.
What are Agency banks?
The Reserve Bank of India conducts the general banking business of the Central and State Governments through its own offices and those of the agency banks.
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List of Agency banks
Scheduled Public Sector Banks (post-amalgamation):
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
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Scheduled 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. (Approved for limited agency business)
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.
Foreign Banks:
33. DBS Bank India Limited said, “Although DBS Bank India has been authorised for agency business by the Reserve Bank of India, our integration process for these services is still in progress. Given that these services have not yet been launched, our branches will remain closed on March 31, 2024.”
