RBI Big Update: The Reserve Bank issued a big order, which allowed the customers to sigh with relief. The RBI has ordered all banks to maintain their branches open during business hours until the annual closing of accounts, which is set for March 31 for the fiscal year 2022–23. In addition, the RBI demanded that all government transactions carried out by agency banks for 2022–2023 be reported during the same fiscal year in a letter sent to all agency banks on Tuesday.
The letter has been issued.
According to a letter from the central bank, all agency banks must maintain their designated branches open on March 31, 2023, during regular business hours, for counter-transactions about government transactions. Additionally, it stated that transactions would still be accepted through the NEFT and RTGS systems until midnight on March 31, 2023.
How long will the reporting window open?
Additionally, on March 31, a unique clearing procedure will be used to collect government cheques. The Department of Payment and Settlement Systems (DPSS) of the RBI will give the right instructions. According to the RBI's direction, the reporting window for Central and State Government transactions, including uploading GST or TIN 2.0 e-receipts luggage files, will remain open from March 31 till 12 p.m. on April 1.