Will banks be open on March 31, 2025? Right here’s what the most recent RBI path says
March 2025 financial institution holidays: RBI has directed all company banks dealing with authorities transactions to stay operational on March 31, 2025 (Monday), regardless of it being a vacation in a number of states. This measure ensures correct monetary reporting for FY 2024-25 by recording all transactions throughout the similar interval.
In response to an ET report, beforehand, March 31, 2025, was designated as a vacation throughout most states, besides Himachal Pradesh and Mizoram, resulting from Ramzan-Id (Id-Ul-Fitr).
The RBI directive ensures correct accounting of all government-related monetary actions, together with receipts and funds, inside monetary yr 2024-25, concluding on March 31, 2025.
“The Authorities of India has made a request to maintain all branches of the banks coping with Authorities receipts and funds open for transactions on March 31, 2025 (Monday-Public Vacation) in order to account for all of the Authorities transactions referring to receipts and funds within the Monetary 12 months 2024-25 itself. Accordingly, Company Banks are suggested to maintain all their branches coping with authorities enterprise open on March 31, 2025 (Monday),” stated RBI.
March 31 signifies the monetary yr’s conclusion, requiring completion of all authorities income, funds and settlements earlier than the brand new fiscal yr commences.
Out there banking providers on March 31, 2025, embody:
- Authorities tax funds, together with Revenue Tax, GST, Customs, and Excise duties
- Pension funds and authorities subsidies
- Disbursement of presidency salaries and allowances
- Public transactions associated to authorities schemes and subsidies
It is essential to notice that almost all banks will stay closed on April 1st (Monday) throughout Union Territories and states, excluding Meghalaya, Chhattisgarh, Mizoram, West Bengal, Himachal Pradesh for annual account closing as per RBI pointers.
Authorities-related on-line and cell banking providers, akin to tax funds and fund transfers, ought to stay accessible. Prospects ought to ideally seek the advice of their respective banks for particular steerage.
