By Significant changes are occurring at March’s end, notably affecting banks and government offices, including the Income Tax Department. Traditionally, Sundays are revered as a day of rest for government institutions, schools, colleges, and banks. However, this paradigm is shifting, especially in light of the impending closure of the fiscal year.
“Banks Open on March 31 Sunday!”
The RBI directive requires banks to operate on March 31st, despite it being a Sunday. This deviation from the norm stems from the significance of March 31st as the culmination of the financial year. Given the criticality of this date, RBI’s order ensures that all bank branches uphold their services on this day. Customers and the public can utilize banking facilities for FY24 government transactions, ensuring seamless processing.
RBI’s directive extends beyond the domestic banking sector to encompass agency banks. RBI designated thirty-three banks to operate on this pivotal date, including both public and private entities. Stalwarts like SBI and BoB represent the public sector, HDFC Bank Limited and ICICI Bank Limited represent the private sector. Notably, DBS Bank India Limited stands as the sole foreign bank entrusted with this responsibility. Collectively, these institutions are poised to deliver comprehensive services on March 31st, catering to the diverse needs of their clientele.
Simultaneously, the ITD has announced a significant departure from convention, revoking the customary holidays observed at the close of March. Both Saturday and Sunday, in addition to Good Friday, will no longer be off days for the ITD. Instead, the department will operate seamlessly across all three days leading up to March 31st. This strategic decision underscores the ITD’s commitment to fulfilling its obligations as the financial year draws to a close.
IAs March ends, regulations change, seen in banking and government operational shifts. These shifts exemplify transformation in the regulatory landscape. Regulations shift as March ends, affecting banking and government operations, showcasing regulatory landscape transformations.
