RBI Notifies for Annual Closing of Government Accounts – Transactions of Central/State Governments – Special Measures for the Current Financial Year (2022-23)

On 21st March 2023 the Reserve Bank of India (RBI) issued a notification which stated that all govenrment transactions done by agency banks for the Financial Year 2022-23 are required to be accounted for within the same financial year. Accordingly, the following arrangements are put in place to report and account for Government transactions for 31st March 2023.

All agency banks are required to keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on 31st March 2023.

Transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue upto 24:00 hours as hitherto on 31st March 2023.