RBI directs all banks to keep branches open for the annual closing of Govt. accounts

CIRCULAR NO. RBI/2022-23/186 CO.DGBA.GBD.NO.S1490/42-01-029/2022-2023

The RBI has issued special measures for the current financial year (2022-23) for the annual closing of Government accounts, specifically pertaining to transactions of the Central/State Governments.

Accordingly, the RBI has directed all agency banks to keep their designated branches open for over-the-counter transactions related to Government transactions till the normal working hours of March 31, 2023.

All Government transactions done by agency banks for the financial year 2022-23 must be accounted for within the same financial year. Further, transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 2400 hours on March 31, 2023.

Also, special clearing will be conducted for the collection of Government cheques on March 31, 2023 for which the Department of Payment and Settlement Systems (DPSS) of the RBI will issue the necessary instructions.

With regard to Reporting of Central and State Government transactions to RBI, including uploading of GST/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023 will be kept open till 12:00 noon on April 1, 2023, to ensure timely reporting for the transactions up to March 31, 2023.

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