FY23 Year-End: Govt Account Closing Instructions for Agency Banks
Current · Source: Reserve Bank of India · RBI/2022-23/186 · issued 21 Mar 2023 · ~2 min read
Quick answerAll government transactions for FY 2022-23 must be booked within the same year. Agency banks must keep branches open on March 31, 2023, for over-the-counter govt transactions, extend NEFT/RTGS till midnight, and report to RBI by noon on April 1, 2023.
The rule, in the simplest words
All government money moves for the year 2022-23 must be recorded in that same year, not later.
Banks that handle government money must keep their special branches open on March 31, 2023, during normal hours for in-person government payments.
Electronic money transfer systems (NEFT and RTGS) will keep working until midnight on March 31, 2023, so last-minute government payments can go through.
Banks must send reports of all government transactions (including GST and other tax receipts) to RBI by noon on April 1, 2023.
How it plays out — a real example
An agency-banking (government business) officer in Indore, Priya, works at a bank branch that handles government tax collections. On March 31, 2023, she keeps her branch open all day, and helps a local businessman pay his GST just before closing time. She then stays late to upload the transaction data to RBI's system, making sure it's done before noon on April 1, so the payment counts for the right financial year.
What changed
RBI has issued its annual closing circular for government accounts, mandating that all FY 2022-23 government transactions be accounted for within the year. Agency banks must keep designated branches open on March 31, 2023, for over-the-counter government transactions during normal hours. NEFT and RTGS will continue until 2400 hours on March 31, and special clearing for government cheques will be conducted. The reporting window for uploading GST, TIN 2.0, and e-receipts to RBI will remain open until 1200 hours on April 1, 2023.
What it means for you
Agency banks must ensure their branches handling government business are fully staffed and operational on March 31 to process all government receipts and payments. The extended NEFT/RTGS window until midnight allows last-minute government transactions to be settled within the fiscal year. The reporting deadline extension to noon on April 1 gives banks a few extra hours to upload transaction data, reducing the risk of misreporting or year-end reconciliation issues.
What you must do
Ensure designated branches remain open for over-the-counter government transactions during normal hours on March 31, 2023.
Keep NEFT and RTGS systems operational until 2400 hours on March 31 for government transactions.
Participate in the special clearing for government cheques as instructed by DPSS, RBI.
Upload all Central and State Government transaction reports, including GST/TIN 2.0/e-receipts, by 1200 hours on April 1, 2023.
Give adequate publicity to these special arrangements among relevant staff and customers.
Who it affects
All agency banks handling government transactions, Designated branches of agency banks, Bank staff managing government accounts and reporting, Treasury and operations teams at agency banks
❓ Common questions
What is the deadline for reporting government transactions to RBI?
The reporting window for uploading Central and State Government transactions, including GST/TIN 2.0/e-receipts, will remain open until 1200 hours noon on April 1, 2023.
Are NEFT and RTGS available on March 31 for government transactions?
Yes, NEFT and RTGS will continue to operate until 2400 hours on March 31, 2023, for government transactions.
Do branches need to stay open beyond normal hours on March 31?
Branches must be open for over-the-counter government transactions only during normal working hours on March 31. Extended hours are not required for counter services.
📜 Read the original circular — full text as issued by RBI
RBI/2022-23/186
CO.DGBA.GBD.No.S1490/42-01-029/2022-2023
March 21, 2023
All Agency Banks
Dear Sir / Madam
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2022-23)
All government transactions done by agency banks for the Financial Year 2022-23 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, 2023.
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, 2023.
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, 2023.
4. Special clearing will be conducted for collection of government cheques on March 31, 2023 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/ TIN2.0/ e-receipts luggage files, the reporting window of March 31, 2023 will be kept open till 1200 hours noon on April 1, 2023.
6. Agency banks may take note and give adequate publicity to the special arrangements made as above.
Yours faithfully
(Indranil Chakraborty)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/186 · issued 21 Mar 2023. The plain-English explanation above is BankPulse’s own independent summary.
Ensure designated branches remain open for over-the-counter government transactions during normal hours on March 31, 2023.
⚙️ Operations
Participate in the special clearing for government cheques as instructed by DPSS, RBI.
💻 IT / Systems
Keep NEFT and RTGS systems operational until 2400 hours on March 31 for government transactions.
📜 Compliance
Upload all Central and State Government transaction reports, including GST/TIN 2.0/e-receipts, by 1200 hours on April 1, 2023.
Give adequate publicity to these special arrangements among relevant staff and customers.
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 government transactions, Designated branches of agency banks, Bank staff managing government accounts and reporting, Treasury and operations teams at agency banks), your first concrete step on “FY23 Year-End: Govt Account Closing Instructions for Agency Banks” is: “Ensure designated branches remain open for over-the-counter government transactions during normal hours on March 31, 2023.” (RBI issued this 21 Mar 2023).
Action required: Ensure designated branches remain open for over-the-counter government transactions during normal hours on March 31, 2023.
Action required: Keep NEFT and RTGS systems operational until 2400 hours on March 31 for government transactions.
Action required: Participate in the special clearing for government cheques as instructed by DPSS, RBI.
Action required: Upload all Central and State Government transaction reports, including GST/TIN 2.0/e-receipts, by 1200 hours on April 1, 2023.
Action required: Give adequate publicity to these special arrangements among relevant staff and customers.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
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.
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=12462&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.
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