Banks closed March 31, 2019? RBI has some good news
Generally, banks are expected to remain closed on March 31 every year, but RBI has sent a notification.
Will banks remain closed or open on 31 March, 2019? Well, India follows the accounting period of April to March since the time of British rule. This fiscal year format was adopted in the year 1867 and has continued since. Each financial year starts from April 1 in India. March marks the end of the previous financial year.
The financial year, denoted by FY in India, that runs between April 1-March 31, includes all budget and monetary related steps taken by the central government for the year. Moreover, most companies and businesses file their year-to-end of the previous year and start afresh for the next financial year. Even Income Tax returns are filed by taxpayers for the period concerned.
The financial year 2018 is to end in the next three days the Reserve Bank of India has released a notice stating that all agency bank branches, dealing with government businesses will be open on March 31, Sunday. Please note the fact that RBI has added a proviso - ''all agency bank branches, dealing with government businesses''.
Moreover, all the Pay and Account offices will also remain open, to facilitate government receipt and payment transactions.
Those who are interested in transacting some bank business on that day should know that the RBI has also mentioned that all bank branches will give a prior public notice regarding the availability of the above mentioned banking services on March 31. So, keep checking State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BoB) others for latest news.