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The Reserve Bank of India (RBI) said it has asked all agency banks to keep their branches open till March 31 for the annual closure.
The central bank said in a press release issued on March 21 that lenders should ensure that the government's transactions this month are accounted for in the same financial year due to end on March 31. "All agency banks should keep their designated branches open for over-the-counter transactions related to government transactions until normal business hours on March 31," it said.
The RBI further noted that transactions conducted through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement System (RTGS) "will continue till 24:00 hours as on March 31".
A special clearing for encashment of government checks will be conducted on March 31, for which the Department of Payment and Settlement Systems (DPSS), which comes under the RBI, "will issue necessary instructions", the report added.
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