Home › Circulars › RBI/2020-21/112

FY21 Year-End: Govt Account Closing Rules for Agency Banks

Current · Source: Reserve Bank of India · RBI/2020-21/112 · issued 25 Mar 2021 · ~2 min read
Quick answerAll government transactions for FY 2020-21 must be booked within the same year. Agency banks must keep branches open on March 31, 2021 for over-the-counter govt transactions, extend NEFT/RTGS till midnight, and report to RBI by 12 noon on April 1, 2021.
The rule, in the simplest words
How it plays out — a real example

On March 31, 2021, a branch manager in a government bank ensures that their designated branch is open for over-the-counter government transactions during normal working hours. They also make sure that the NEFT and RTGS systems are operating until midnight to accommodate any last-minute transactions. Additionally, they publicize the special arrangements to their customers and staff to ensure a smooth year-end closure.

What changed

RBI issued special measures for annual closing of Central and State government accounts for FY 2020-21. Agency banks must ensure all government transactions are accounted for within the financial year ending March 31, 2021. The reporting window for uploading GST/e-receipts files to RBI is extended to 12 noon on April 1, 2021.

What it means for you

Agency banks must keep designated branches open for over-the-counter government transactions during normal hours on March 31, 2021. NEFT and RTGS will continue until midnight as usual. Special clearing for government cheques will be arranged by RBI's DPSS. Banks need to publicize these arrangements to ensure smooth year-end closure.

What you must do

Who it affects

All agency banks handling Central and State government transactions, Designated branch staff managing government accounts, Treasury and operations teams at agency banks

❓ Common questions

What is the deadline for reporting government transactions to RBI?

The reporting window for uploading GST/e-receipts luggage files and other government transactions is extended to 12 noon on April 1, 2021.

Will NEFT and RTGS be available on March 31, 2021?

Yes, NEFT and RTGS will continue to operate until 2400 hours on March 31, 2021 as usual.

Do we need to keep branches open on March 31, 2021?

Yes, designated branches must remain open for over-the-counter government transactions during normal working hours on March 31, 2021.

📜 Read the original circular — full text as issued by RBI
RBI/2020-21/112 DGBA.GBD.No.S212/42.01.029/2020-21 March 25, 2021 All Agency Banks Dear Sir / Madam Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2020-21) All government transactions done by agency banks for Financial Year 2020-21 must be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Government transactions for March 31, 2021. 2. All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2021. 3. Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 2400 hours as hitherto on March 31, 2021. 4. Special clearing will be conducted for collection of government cheques on March 31, 2021 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions. 5. Regarding reporting of Central and State Government transactions to RBI, including uploading of GST / e-receipts luggage files, the reporting window of March 31, 2021 will be extended and kept open till 1200 hours on April 1, 2021. 6. Agency banks may take note and give adequate publicity to the special arrangements made as above. Yours faithfully (R. Kamalakannan) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2020-21/112 · issued 25 Mar 2021. The plain-English explanation above is BankPulse’s own independent summary.
🧰 Tools — save, print, templates & related
Most relevant forBranch Manager — Private Bank / SFBBranch Operations (Accounts / FD / CASA)Teller / Cashier / Customer Service OfficerTrade Finance / Forex OperationsCompliance TeamInternal Audit
🛠 Banker’s toolkit — checklists & reply templates →
Related circulars · Government & Bank Accounts
Extended Remittance Timeline for Govt Revenues from Remote AreasMaster Circular on Broker Appointment & Brokerage for Relief/Savings BondsMaster Circular on Broker Appointment & Brokerage for Relief/Savings BondsNew Non-Assessee Codes for EASIEST: Banks Must Update SystemsRevised Penal Interest Rules for Delayed Govt Revenue Remittances
Browse all departments →
Who does what — compliance checklist
🏦 Branch Manager
  • Keep designated branches open for over-the-counter government transactions on March 31, 2021 during normal working hours.
💻 IT / Systems
  • Ensure NEFT and RTGS systems operate until 2400 hours on March 31, 2021 for government transactions.
📜 Compliance
  • Extend the reporting window for Central/State government transactions, including GST/e-receipts luggage files, to 1200 hours on April 1, 2021.
  • Give adequate publicity to these special arrangements among customers and staff.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Branch Manager at a bank this circular applies to (All agency banks handling Central and State government transactions, Designated branch staff managing government accounts, Treasury and operations teams at agency banks), your first concrete step on “FY21 Year-End: Govt Account Closing Rules for Agency Banks” is: “Keep designated branches open for over-the-counter government transactions on March 31, 2021 during normal working hours.” (RBI issued this 25 Mar 2021).

  1. Circular: RBI/2020-21/112 -- FY21 Year-End: Govt Account Closing Rules for Agency Banks
  2. Issued: 25 Mar 2021
  3. Action required: Keep designated branches open for over-the-counter government transactions on March 31, 2021 during normal working hours.
  4. Action required: Ensure NEFT and RTGS systems operate until 2400 hours on March 31, 2021 for government transactions.
  5. Action required: Extend the reporting window for Central/State government transactions, including GST/e-receipts luggage files, to 1200 hours on April 1, 2021.
  6. Action required: Give adequate publicity to these special arrangements among customers and staff.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

💬 Banker Discussion

Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.

Loading comments…
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12045&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
—