Due to the end of the financial year, the Reserve Bank of India (RBI) has cancelled a scheduled holiday on March 31 to keep banks operational for year-end financial transactions.
File Photo: Reserve Bank of India (IANS)
Due to the end of the financial year, the Reserve Bank of India (RBI) has cancelled a scheduled holiday on March 31 to keep banks operational for year-end financial transactions.
As per the RBI’s new directive, the move aims to ensure seamless processing of financial closures, as March 31 marks the fiscal year’s end, requiring increased banking activities such as finalising accounts and financial statements.
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On Monday, March 31, banks were to be closed, except in Himachal Pradesh and Mizoram, for Ramzan-Id (Eid-Ul-Fitr).
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Banks will be closed on April 1 in most states and Union Territories, except Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh.
However, registered bank customers can use internet banking, SMS, and WhatsApp banking services for both financial and non-financial transactions.
Further, March 29 is also not a bank holiday since it is the fifth Saturday of the month.
Banks remain closed on the second and fourth Saturdays, along with all Sundays.
Further, the Income Tax Department has also announced that all Income Tax Offices across India will remain open on March 29, 30, and 31 to facilitate the timely completion of pending work.
Since March 31, 2025, is a public holiday, it could impact last-minute tax filings, the income tax department said.
The Insurance regulatory body, Insurance Regulatory and Development Authority of India (IRDAI), has also instructed insurance companies to keep their offices open on March 29, 30, and 31 to ensure that policyholders do not face any inconvenience.
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