RBI on Tuesday notified that all government transactions done by agency banks for 2022-23 must be accounted for within the same financial year.
All agency banks should keep their designated branches open for over the counter transactions related to government transactions upto the normal working hours on March 31, 2023, said RBI.
It further said that transactions through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) System will continue up to 12 midnight as hitherto on March 31, 2023.
According to the notification, Special clearing will be conducted for collection of government cheques on March 31, 2023 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.
Regarding reporting of Central and state government transactions to RBI, including uploading of GST or TIN2.0 e-receipts luggage files, the reporting window of March 31 will be kept open till 12 noon on April 1, the RBI directed all banks.