In circular issued on Monday, RBI said that banks will be operational for a special cheque-clearing session till 31st March, 2025. Since March 30 is Sunday and 31 is a holiday for Eid, banks will be open only for government related transactions and not for the general public.
RBI asked all the banks to keep their cheque processing system open and ensure branches have enough funds to settle government transactions. On Sunday, under the Cheque Truncation System (CTS) clearing timings and procedures will follow the same as regular Monday schedule.
Since India’s financial year ends on March 31, RBI wants all the government transactions (like taxes, payments, etc.) for 2024-25 to be completed before the year ends.
Income tax and CGST offices will also remain open from March 29 to March 31 to process last-minute transactions and meet financial deadlines. The Government wants to settle all the transactions properly before April 1, 2025.
