Key Points
March 2024 bank holidays: Certain bank branches will be open to cater to government transactions for the fiscal year 20232024 on Sunday, March 31..
The Reserve Bank of India (RBI) communicated this directive in a notification issued on March 21, 2024...
These Agency Banks are advised to keep all branches handling government transactions open on Sunday, March 31, as per the RBI notification dated March 20, 2024..
According to the Reserve Bank of India (RBI) website, the RBI conducts general banking operations for governments through its own offices and designated commercial banks, both public and private, acting as its agents..
The RBI annually publishes a list of bank holidays, which includes leaves categorised under three sections: 'Holiday under Negotiable Instruments Act,' 'Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday,' and 'Banks' Closing of Accounts.'..
You might be interested in
These banks will be open on Sunday, March 31: Check full list of RBI’s agency banks here
21, Mar, 24Full list of agency banks in India which will be open on Sunday, March 31. Check below
RBI offices dealing with govt business to remain open on Mar 30, 31
22, Mar, 24Mumbai, Mar 22 (PTI) RBI offices dealing with government business and all designated branches of agency banks will keep their counters open as per normal working hours on Saturday and Sunday for the convenience of taxpayers. Electronic transactions can be done till the stipulated time on both days (March 30 and March 31), the Reserve […]
For banks, digital is the aspiration but brick and mortar is the reality
03, Aug, 23India has become a world leader in real-time digital payments, accounting for almost 40% of all such transactions, according to data from the country's central bank. PhonePe and Boston Consulting Group have predicted the digital payments market in the country will exceed $10tn by 2026, while the government has also shown an interest in the potential of full-stack digital banks to promote credit deepening. However, a significant number of India's population still prefer physical bank branches as they provide assurance and trust for customers.
After RBI's tighter regulations, borrowing costs rise for NBFCs
18, Dec, 23Cost of borrowing for companies, banks and non-banks through commercial papers (CP) and certificates of deposits (CD) has increased 15-25 basis points (bps) over the past month, data from Clearing Corporation of India (CCI) showed. One basis point is 1/100th of a percentage point. The increase in borrowing costs - particularly in the crowded three-month segment of borrowing - comes after the RBI on November 16 announced new regulatory measures for NBFC credit.
Silicon Valley Bank ‘contagion’ may leave India unscathed
12, Mar, 23If ‘contagion effects’ from SVB or higher interest rates hit more foreign banks, a flight to safety among global investors could hit capital flows into emerging markets like India and impact the rupee, officials say
Borrowers are coming in droves, and banks are getting desperate
23, Feb, 24Bankers said they are hoping the liquidity situation improves in the coming days with the expected pickup in government spending.
Will banks switch to a five-day work week soon? What IBA has agreed upon - details here
11, Mar, 24India Business News: Banking in India may shift to a Monday to Friday schedule, closing on Saturdays and Sundays. This decision is subject to government approval. The new
India cenbank monitoring certain personal loans for signs of nascent stress, chief says
06, Oct, 23India's central bank is closely monitoring some fast-growing personal loan categories for signs of nascent stress, its chief said on Friday.
Paytm bank RBI crackdown may just be the start? Banks’ rush for clients set for reckoning
21, Feb, 24Paytm: Indian regulators are cracking down on potential fraud in the financial sector, starting with Paytm. The Reserve Bank of India is getting tougher on customer verification lapses and may take more severe action against Paytm bank, which had backing from Warren Buffett and SoftBank Group Corp.
RBI likely to complete vetting bidders for IDBI Bank by Oct-end
12, Oct, 23India's central bank is expected to speed up the vetting process of potential buyers for IDBI Bank and complete it by the end of October. The government and Life Insurance Corp of India plan to sell a majority stake in the bank, and completing the process early could allow bids to be invited in the first quarter of next year.