To avoid financial reporting discrepancies, all transactions in FY 2024-25 must be reflected within the same period, the Reserve Bank of India has instructed all agency banks—banks that handle government transactions to remain open on March 31, 2025 (Monday), even though it is a holiday in many states.
Why was it a holiday on March 31, 2025 earlier?
Banks were supposed to be closed on March 31 in almost all states except Himachal Pradesh and Mizoram for Ramzan-Id (Id-Ul-Fitr).
The latest directive aims to ensure that all government-related financial transactions, including receipts and payments, are properly accounted for within the financial year 2024-25, which ends on March 31, 2025.
Financial year-end transactions
March 31 marks the closing of the government’s financial year, meaning that all transactions related to government revenue, payments, and settlements must be completed before the new fiscal year begins.
Which banking services will be available on March 31, 2025?
The following banking services will be available on March 31, 2025:
- Government tax payments, including Income Tax, GST, Customs, and Excise duties
- Pension payments and government subsidies
- Disbursement of government salaries and allowances
- Public transactions related to government schemes and subsidies
April 1 bank holiday
Banks will also be closed on April 1st (Monday) in most Union Territories and states, except for Meghalaya, Chhattisgarh, Mizoram, West Bengal, Himachal Pradesh, and Meghalaya, for the annual account closing as directed by the RBI.
Digital banking
Online and mobile banking services for government-related transactions (such as tax payments and fund transfers) are expected to remain available. Customers should check with their banks for any specific instructions.
Bank holidays in March 2025:
| Date | Holidays |
|---|---|
| Mar-25 | Agartala, Ahmedabad, Aizawl, Belapur, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Dehradun, Gangtok, Guwahati, Hyderabad - Andhra Pradesh, Hyderabad - Telangana, Imphal, Itanagar, Jaipur, Jammu, Kanpur, Kochi, Kohima, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Panaji, Patna, Raipur, Ranchi, Shillong, Shimla, Srinagar, Thiruvananthapuram |
