With Holi and Good Friday approaching, it was expected that banks would be shut down for six days out of the upcoming ten. However, there has been a recent directive by the RBI, resulting in banks being closed for only five days out of the initially anticipated six. This includes both public holidays and weekends, with specific dates outlined below for clarity.
Here are the dates to take note of:
- 23-24 March: Saturday and Sunday
- 25 March: Closed for Holi on Monday
- 29 March: Closed for Good Friday
- 30 March: Saturday
According to a recent statement from the Reserve Bank of India, all Agency banks are set to remain open for public transactions on March 31, 2024 (Sunday).
The Indian government has specifically requested that all branches dealing with government receipts and payments remain open on this day to account for transactions related to the fiscal year 2023-24. The RBI has also instructed all bank branches to inform the public about the availability of banking services on that day.
What are Agency Banks?
The central and federal governments, in partnership with the agency banks, authorize financial entities to offer banking services for them. They are the institutions that stand between the government and the public performing the role of the "middle-man" who deals with the payments associated with governmental operations.
Agency banks are the core of government business transactions such as collecting taxes, redistributing subsidies, managing government accounts, implementing monetary policy, and disbursing benefits. The government or central bank usually selects an agency bank by requirements and agreements.
There are many agency banks in India including commercial banks like State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), and regional rural banks (RRBs) also. In addition to this, there are cooperative banks and some private sector banks.