Understanding the RBI's Directive for March 31, 2025

In an unprecedented move, the Reserve Bank of India (RBI) has issued a directive for all agency banks handling government transactions to remain open on March 31, 2025, a day traditionally marked as a public holiday in several states. This decision aims to ensure the accurate financial reporting of the fiscal year 2024-25 by recording all transactions within the same period.

Why March 31, 2025, is Crucial for Financial Reporting

March 31 marks the conclusion of the financial year, necessitating the completion of all government revenue, payments, and settlements before the new fiscal year begins. The RBI's directive ensures that all government-related financial activities, including receipts and payments, are accurately accounted for within the financial year 2024-25.

Available Banking Services on March 31, 2025

Government tax payments, including Income Tax, GST, Customs, and Excise duties, along with pension payments and government subsidies, will be operational. Additionally, disbursement of government salaries and allowances and public transactions related to government schemes and subsidies will be available.

Bank Holidays in March 2025

It's important to note that most banks will remain closed on April 1st across Union Territories and states, excluding Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh, for annual account closing as per RBI guidelines. However, government-related online and mobile banking services, such as tax payments and fund transfers, should remain accessible.