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Some banks open on March 30 and 31: Check full list of Agency Banks, services allowed and more

Bank holidays 2024

: The

Reserve Bank of India

(RBI) has instructed all

agency banks

to keep their branches open for government transactions during normal working hours on March 30 and March 31, 2024.
As per the RBI notification dated March 20, 2024, the

Government of India

has requested that all branches of banks handling government transactions remain open on March 31, 2024 (Sunday).

This is to ensure the timely processing of all government transactions for the fiscal year 2023-24. Consequently, agency banks are advised to keep all their branches dealing with government business operational on March 31, 2024 (Sunday).
Additionally, according to a press release from the RBI dated March 22, 2024, to enhance convenience for taxpayers, it has been determined that RBI offices handling government business and all designated branches of agency banks engaged in government banking operations will keep their counters open during regular working hours on March 30, 2024, and March 31, 2024. Electronic transactions will be available until the specified time on both days.
As per an ET report, following are the transactions available for over-the-counter processing related to government dealings until the normal working hours on March 30 and March 31, 2024.

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NEFT and RTGS

Transactions through the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) System will continue until midnight (2400 hours) on March 31, 2024, as per the usual practice.

Cheque clearing

Agency Banks are advised to present all cheques related to Government accounts for clearing. The timing for presenting and returning these instruments during the special clearing sessions for government cheques will be communicated at a later date.

Government business

Transactions related to the following government business conducted by agency banks qualify for agency commission:
1. Revenue receipts and payments on behalf of the Central/State Government.
2. Pension payments for both Central and State Governments.
3. Special Deposit Scheme (SDS) 1975.
4. Public Provident Fund (PPF) Scheme, 1968.
5. Senior Citizen Savings Scheme (SCSS), 2004.
6. Kisan Vikas Patra, 2014, and Sukanya Samriddhi Account.
7. Any other task specifically designated by the Reserve Bank for agency commission, such as Relief Bonds/Savings Bonds transactions.

Agency Banks

According to the central bank website, the RBI conducts government banking business through its own offices and selected commercial banks acting as its agents. Section 45 of the Reserve Bank of India Act, 1934, allows scheduled commercial banks to be appointed as agents across India for specified purposes, considering public interest and banking convenience. The RBI manages the main accounts of both Central and State Governments in Nagpur. It has established a well-organized system for government revenue collection and payments nationwide. Government transactions are carried out through a network of RBI’s Government Banking Divisions and branches of agency banks appointed under Section 45. Currently, all public sector banks and some private sector banks serve as RBI’s agents. Only designated branches of agency banks are authorized to conduct government banking business.
ALSO READ | Some banks will open on Sunday, March 31! Check full list of RBI’s Agency Banks here

List of Agency Banks

Information from the RBI website, dated December 7, 2023, shows that there are 33 agency banks. These banks are authorized to handle government operations related to receipts and payments.

  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
  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

(Note: Some banks are approved for limited agency business, and foreign banks operate through wholly-owned subsidiaries.)