Some banks will open on Sunday, March 31! Check full list of RBI’s Agency Banks here

Mar22,2024



March 2024 Bank Holidays: Some bank branches will remain open to process government transactions for the financial year 2023-2024 on Sunday, March 31. The decision comes from the Government of India, which has asked all bank branches handling government receipts and payments to remain operational on that day. The Reserve Bank of India (RBI) informed about this directive in a notification issued on March 21, 2024.
According to ET, it is important to note that not all bank branches will remain open for regular transactions. Only select branches designated as agency banks will remain operational on Sunday, March 31.
As per the RBI notification dated March 20, 2024, these agency banks are advised to keep all branches handling government transactions open on Sunday, March 31. Banks have also been instructed to publicize the availability of banking services on this day.
Read this also March 2024 Bank Holidays: Banks closed for 14 days across the country; Check state wise holiday list here

What are agency banks?

According to the Reserve Bank of India (RBI) website, the RBI conducts general banking operations for governments through its own offices and designated commercial banks, both public and private, which act as its agents. Section 45 of the Reserve Bank of India Act, 1934, allows scheduled commercial banks to be appointed as agents throughout India, taking into account public interest, banking convenience, development and other relevant factors.
RBI manages the primary accounts of both the central and state governments at its Central Accounts Section in Nagpur. It has established a comprehensive system for revenue collection and government payments across the country. The system comprises branches of the Government Banking Division of the RBI and agency banks appointed under Section 45 of the RBI Act.
At present, all public sector banks and some private sector banks work as agents of RBI. Only specified branches of these agency banks are authorized to conduct government banking operations.

Complete list of agency banks

According to the data released by the RBI website on December 7, 2023, there are a total of 33 agency banks. These agencies are authorized to handle government functions related to bank receipts and payments.

List of RBI agency banks till May 30, 2023

serial number Name of Agency Bank
Scheduled Public Sector Banks (After Amalgamation)
1 Bank of Baroda
2 Bank of India
3 Bank of Maharashtra
4 Canara Bank
5 Central Bank of India
6 Indian Bank
7 Indian Overseas Bank
8 Punjab and Sindh Bank
9 Punjab National Bank
10 state Bank of India
11 UCO Bank
12 Union Bank of India
scheduled private sector banks
13 Axis Bank Limited
14 City Union Bank Limited
15 DCB Bank Limited
16 Federal Bank Limited
17 HDFC Bank Limited.
18 ICICI Bank Limited
19 IDBI Bank Limited
20 IDFC First Bank Limited
21 IndusInd Bank Limited
22 Jammu and Kashmir Bank Limited*
23 Karnataka Bank Limited
24 Karur Vysya Bank Limited
25 Kotak Mahindra Bank Limited
26 RBL Bank Limited
27 South Indian Bank Limited
28 Yes Bank Limited
29 Dhanlaxmi Bank Limited
30 Bandhan Bank Limited
31 CSB Bank Limited
32 Tamilnad Mercantile Bank Limited
foreign bank
33 DBS Bank India Limited,
*Approved for limited agency business.
# License issued by RBI to a scheduled foreign bank to conduct banking business in India through Wholly Owned Subsidiary Company (WOS) mode.

Source: RBI website

Bank holiday on 1st April

According to the RBI bank holidays page, banks will remain closed in all states on April 1 to allow them to close their annual accounts. The RBI annually publishes a list of bank holidays, which includes leaves classified under three sections: 'Holidays under the Negotiable Instruments Act,' 'Holidays under the Negotiable Instruments Act and Real Time Gross Settlement Holidays,' and 'Banks' Accounts. to close.'

working system of tax department

Due to pending tax related work, the Income Tax Department has canceled the long weekend leave for its employees. In an order dated March 31, 2024, the department announced that all Income Tax offices across India will remain operational on March 29, 30 and 31, 2024, to facilitate completion of pending departmental work.



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