What changed
The Government of India has advised banks to keep branches open on March 31, 2024, for government transactions. Currency chest holding banks must also keep their currency chests open on this day. Linked branches will be informed by the currency chest holding banks.
What it means for you
This means that currency chest holding banks will need to operate on March 31, 2024, to facilitate government transactions. This will ensure that all government receipts and payments are accounted for in the current financial year. Banks will need to make necessary arrangements to keep their currency chests open on this day.
What you must do
- Keep currency chests open on March 31, 2024
- Inform linked branches about the operation
- Make necessary arrangements for smooth operation
Who it affects
Currency chest holding banks, Linked branches
Why are currency chest holding banks required to operate on March 31, 2024?
To account for government transactions relating to receipts and payments in the current financial year.
What arrangements should banks make for this operation?
Banks should inform linked branches and make necessary arrangements for smooth operation on March 31, 2024.