Banks to remain open on Sunday, 31st March
Although every Sunday, government and private banks of the country are closed but this time it will not happen. The country’s government banks will be open on this Sunday ie March 31. In this regard, the Reserve Bank of India (RBI) had issued a circular yesterday.
Why banks remain open even on Sunday?
Actually, March 31 is the last day of the financial year (2018-19). Closing is done on banks this day. Therefore, bank branches with government transactions have been ordered to keep open.
What was the RBI’s circular
According to RBI circular- All branches of government transactions, authorized branches of banks will be open till 8 pm on March 30, 2019 and till 6:00 PM on 31st March 2019 for public transactions. In addition, all types of electronic transactions, including RTGS and NEFT, will also be open on 30 and 31 March 2019.
Which work will be done
This Sunday work related to the common customers will be done. For example, if you have to deposit cheques in the bank branch, you can do this work on Sunday. With this, customers can also take advantage of online banking NEFT-RTGS service even on Sunday. Banks will also be able to work related to payments. NEFT, RTGS service is closed on Sundays.
What is NEFT service
Settlement of fund transfer under NEFT means national electronic fund transfers at a fixed time. In easy language, the fund that you transfer will not arrive immediately. This process of money transfer is completed after some time. NEFT can be used online besides visiting the bank branch.
In the banks, this service is available from Monday to Friday and 5 hours on first and third Saturday (8 am to 1 pm). This service is not available on Sundays and holidays.
What is RTGS Service
RTGS is used in cases of transactions above 2 lakh rupees in immediate transfer through Real Time Gross Settlement. It can be used both through online and bank branches. However, RTGS service is not available in banks on Sundays and holidays. But RTGS will be available on Sunday i.e 31 March.
