BBN Bureau
MUMBAI/March 25-2022: The Reserve Bank of India (RBI) has come out with instructions for the agency banks to facilitate the annual closing of government accounts – transactions of central and state governments
RBI has called upon the agency banks to account for all government transactions done by agency banks for the financial year 2021-22 within the same financial year itself.
Accordingly, arrangements have been put in place to report and account for Government transactions for March 31, 2022, it said.
In order to ensure a smooth closure of accounts, RBI wants all agency banks to keep their designated branches open for over-the-counter transactions related to government transactions up to the normal working hours on March 31, 2022.
RBI said the transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 24:00 hours as on March 31, 2022.
“Special clearing will be conducted for collection of government cheques on March 31, 2022 for which the Department of Payment and Settlement Systems (DPSS), RBI, will issue necessary instructions,” the official statement said.
With regard to reporting of Central and State Government transactions to RBI, including uploading of GST/e-receipts luggage files, the reporting window of March 31, 2022 will be extended and kept open till 12;00 hours on April 1, 2022.
