To prevent any delay in government transactions and financial reporting errors, RBI wants all the receipts and payments to the government to be completed within this period.
To properly record all financial transactions for FY 2024-25, the Reserve Bank of India (RBI) opened all agency banks-government transactions-opened on 31 March 2025 (Monday) Has instructed to stay. This is despite being a public holiday in many states.
Why was there a holiday initially on March 31, 2025?
Except for Ramadan-Eid (Eid-ul-Fitra), banks were to be closed on 31 March 2025, except Himachal Pradesh and Mizoram.
Why has RBI issued this instruction?
March 31 is the last day of the financial year. To prevent any delay in government transactions and financial reporting errors, RBI wants all the receipts and payments to the government to be completed within this period. Keeping banks open ensures the smooth process of these transactions.
Which transactions have to be completed by 31 March? The government's financial year ends on 31 March, so all revenue collections, payments and disposal should be completed before April 1. This includes: Government Tax Payment-Income Tax, GST, Customs and Excise Pension Payment and Government subsidy government salary and allowances to government schemes and benefits, will banks be closed on April 1? Yes, banks will be closed on April 1, 2025 (Tuesday) in most states and union territories to close the annual account as directed by RBI. However, banks will be open in Meghalaya, Chhattisgarh, Mizoram, West Bengal and Himachal Pradesh. Will online banking be available? Yes, digital banking services including mobile banking and internet banking are expected to work as usual. Customers can make government- transactions such as payments and fund transfer using these platforms. However, it is appropriate to contact individual banks for specific instructions.
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