RBI cancels the bank holiday on March 31; private banks and PSBs will be open for closings at the end of the fiscal year.
The RBI cancels the bank holiday on March 31. In order to ensure proper financial reporting,
The central bank has directed all agency banks that deal with government transactions to stay operational until March 31, 2025.
With the exception of Himachal Pradesh and Mizoram, public sector banks (PSBs) and private banks were scheduled to close on March 31 in observance of Ramadan-Id (Id-Ul-Fitr).
On March 31, banks are instructed to remain open for regular business in order to prevent financial irregularities and guarantee that all fiscal 2024–25 (FY25) reports are recorded within the same time frame. The action is intended to guarantee that, by March 31, 2025, all transactions pertaining to the government, such as payments, receipts, and other operations, are suitably covered.
March 31 financial year-end closing
The government’s fiscal year, which runs from April 1 to March 31 every year, ends on March 31. Before the start of the next fiscal year, all transactions pertaining to government revenue, payments, and settlements must be finished. This is known as financial year-end close. Later in the year, the receipt and transaction logs are utilized for taxation and government documentation.
Banking services available on March 31
The banking services listed below will be accessible on March 31, 2025:
-Payments for government taxes (GST, income tax, excise taxes, and customs taxes)
-Government subsidies and pension payments
-Paying out government benefits and salary
-Public exchanges pertaining to government programs and subsidies.
April 1 bank holiday
In accordance with the RBI’s directive, banks in the majority of states and Union Territories—with the exception of West Bengal, Mizoram, Meghalaya, Himachal Pradesh, and Chhattisgarh—will not be open for business during the annual account closing.
