What changed
RBI, in consultation with the Controller General of Accounts, mandated that all agency bank branches and RBI regional offices keep counters open for extended hours on March 30 and 31, 2012, to accept government revenue from the public. A separate circular will cover special clearing arrangements for March 31, 2012.
What it means for you
Banks must prepare for late-hour operations on those two days to accommodate taxpayer rush and ensure all government transactions for FY 2011-12 are accounted by March 31. This requires staffing, system readiness, and coordination with RBI for the special clearing process. Non-compliance could delay government account closing.
What you must do
- Extend banking hours on March 30 and 31, 2012, specifically for government business counters.
- Advise all branches and staff to strictly implement the extended hours and receipt of government revenue.
- Await and follow separate instructions from RBI's Department of Payment and Settlement Systems regarding special clearing on March 31.
- Acknowledge receipt of this circular to the issuing office.
Who it affects
All agency banks handling government business, Regional offices of RBI, Taxpayers and public depositing government revenue
Why are extended hours needed on March 30 and 31?
To facilitate accounting of all government transactions for FY 2011-12 by March 31 and manage the year-end rush of taxpayers.
Will there be special clearing on March 31?
Yes, but details will be communicated separately by RBI's Department of Payment and Settlement Systems.
What should banks do if they cannot extend hours?
The circular requires strict implementation; any deviation must be escalated to RBI immediately to avoid disruption in government account closing.