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BANKER TO GOVERNMENTS AND BANKS

Like individuals, businesses and banks, the Governments also need a banker to carry out their financial transactions in an efficient and effective manner. Managing Government banking transactions is a key function assigned to the Reserve Bank. On the other hand, banks need their own mechanism to transfer funds and settle inter-bank transactions such as borrowing from and lending to other banks and customer transactions. As the Banker to banks, the Reserve Bank fulfills this role.

Press Release


PDF document (323 kb)
Date : Mar 17, 2025
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2024-25)

With a view to providing greater convenience to taxpayers, it has been decided to keep the branches of Agency banks, dealing with Government business, open for transactions on March 31, 2025 (Monday-Public Holiday).

In order to facilitate accounting of Government receipts and payments in the current financial year itself, necessary arrangements have also been made to conduct special clearing operations across the country. Special clearing will be conducted for government cheques on March 31, 2025 for which the Department of Payment and Settlement Systems (DPSS), RBI will issue necessary instructions.

Notwithstanding the facilitations outlined above, the taxpayers are hereby exhorted to complete their transactions in respect of their tax payables, well in advance.

Instructions to agency banks for Annual Closing has been issued separately.

(Puneet Pancholy)  
Chief General Manager

Press Release: 2024-2025/2395


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