What changed
RBI issued specific year-end instructions for agency banks to ensure all central and state government transactions for FY 2023-24 are accounted within the same financial year. Branches must remain open for over-the-counter government transactions on March 30 and 31, 2024, during normal hours. Special clearing for government cheques will be conducted on both days, and the reporting window for uploading GST/TIN 2.0/ICEGATE/e-receipts files is extended to 1200 hours on April 1, 2024.
What it means for you
Agency banks must ensure their designated branches are staffed and operational on March 30-31 to handle government transactions, including cash and cheque deposits. The extended NEFT/RTGS window until midnight on March 31 allows for last-minute digital payments. Banks need to coordinate with clearing houses for special cheque clearing sessions and ensure timely upload of government transaction data to RBI by the April 1 noon deadline to avoid reconciliation issues.
What you must do
- Keep designated branches open for over-the-counter government transactions during normal hours on March 30 and 31, 2024.
- Ensure NEFT and RTGS systems are available for government transactions until 2400 hours on March 31.
- Participate in special clearing for government cheques on March 30 and 31; present all government cheques accordingly.
- Upload all Central and State Government transaction files (GST, TIN 2.0, ICEGATE, e-receipts) by 1200 hours on April 1, 2024.
- Give adequate publicity to these special arrangements for customers and branches.
Who it affects
All agency banks handling government transactions, Designated branches of agency banks, Clearing houses processing government cheques, Government departments and treasuries
What are the branch timings for government transactions on March 30 and 31?
Branches must remain open for over-the-counter government transactions during normal working hours on both days.
Until when can we process NEFT/RTGS for government transactions on March 31?
NEFT and RTGS systems will be available for government transactions until 2400 hours (midnight) on March 31, 2024.
What is the deadline for reporting government transactions to RBI?
The reporting window for uploading GST, TIN 2.0, ICEGATE, and e-receipts files is open until 1200 hours noon on April 1, 2024.