What changed
RBI, following advice from the Controller General of Accounts, has marked March 31, 2024 (a Sunday) as a working day specifically for government transactions processed through e-Kuber. This overrides the usual rule that e-Kuber does not process government transactions on Sundays or other global holidays. Banks must also submit luggage files for government transaction data to RBI on that day.
What it means for you
Agency banks must ensure their systems and staff are operational on March 31, 2024 to process all government receipts and payments via e-Kuber. This is critical for accurate cash balance reporting for the Government of India as of March 31, 2024. Failure to process on that day could lead to misreporting of FY2023-24 figures.
What you must do
- Ensure your bank's e-Kuber integration is active and staffed on March 31, 2024 (Sunday) for government transactions.
- Process all government receipts and payments on March 31, 2024 to account them in FY2023-24.
- Submit luggage files for government transaction data to RBI on March 31, 2024 as per e-Kuber system requirements.
- Communicate this working day exception to all relevant branches and departments handling government business.
Who it affects
All agency banks handling government transactions, Bank branches processing government receipts and payments, Treasury and government accounting departments within banks, IT teams managing e-Kuber integration
Why is March 31, 2024 being treated as a working day for government transactions?
March 31, 2024 falls on a Sunday, which is normally a global holiday for e-Kuber. To ensure all government receipts and payments of FY2023-24 are accounted within that financial year, RBI has declared it a working day specifically for these transactions.
Does this mean all bank operations must be open on March 31, 2024?
No, only government transactions processed through e-Kuber are affected. Other banking operations may remain closed as per usual Sunday schedule, unless your bank decides otherwise.
What happens if we don't process government transactions on March 31, 2024?
Those transactions would not be accounted in FY2023-24, potentially causing discrepancies in the Government of India's cash balance as of March 31, 2024. RBI expects strict compliance.