The Government of India (GoI) has recommended that all bank branches that handle government receipts and payments remain open for business on Sunday, March 31, to account for all government receipts and payments in FY 2023-2024. According to a notification issued by the Reserve Bank of India (RBI), only agency banks will be open on March 31, and not all bank branches will be open for transactions. The RBI has also requested banks to provide adequate publicity regarding the availability of banking services on this day. The RBI announced this in a notice dated March 21, 2024.
What Is An Agency Bank?
“A network comprising the Government Banking Divisions of RBI and branches of agency banks appointed under Section 45 of the RBI Act carry out the government transactions. At present all the public sector banks and select private sector banks act as RBI’s agents. Only designated branches of agency banks can conduct government banking business,” As per RBI’s website.
Agency banks are those that have been authorised to handle government receipts and payments. According to data published on the RBI website on December 7, 2023, there are a total of 33 agency banks. This list includes 12 state banks and 20 private sector banks. Furthermore, DBS Bank India Limited is the lone foreign bank in this arrangement.
Check the full list of agency banks in the country:
– Central Bank of India
– Bank of India (BOI)
– Bank of Baroda (BOB)
– Bank of Maharashtra
– UCO Bank
– Union Bank of India
– HDFC Bank Limited
– ICICI Bank Limited
– Jammu and Kashmir Bank Limited
– Karnataka Bank Limited
– Canara Bank
– Indian Bank
– Indian Overseas Bank (IOB)
– Punjab and Sind Bank (PSB)
– Punjab National Bank (PNB)
– State Bank of India (SBI)
– Axis Bank Limited
– City Union Bank Limited
– DCB Bank Limited
– Federal Bank Limited
– IDBI Bank Limited
– IDFC FIRST Bank Limited
– IndusInd Bank Limited
– Karur Vysya Bank Limited
– Kotak Mahindra Bank Limited
– RBL Bank Limited
– South Indian Bank Limited
– Yes Bank Limited
– Dhanlaxmi Bank Limited
– Bandhan Bank Limited
– CSB Bank Limited
– Tamilnad Mercantile Bank Limited
– DBS Bank India Limited.
Source By: news18
