Home Business RBI exempts banks from opening on April 1 on annual closing

RBI exempts banks from opening on April 1 on annual closing

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Reversing its earlier order, the Reserve Bank of India today said that the bank branches dealing in government businesses need not remain open on April 1 in view of the annual closing business.

In its earlier directive on March 24, the RBI had asked all authorised banks to be open on all days from March 25 to April 1, including Saturday, Sunday and all holidays, to facilitate the government’s receipts and payments. The departments concerned of RBI were also to remain open on these days.

In a letter to the Indian Banks’ Association, unions AIBEA and AIBOA today said the RBI issued the directive very late, causing huge resentment among bank employees.

AIBOA and AIBEA also pointed to the inconvenience caused to banks that are not sure which branches will remain open and who should attend office.

Every year banks remain closed on April 1 for their annual closing of accounts.

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