March 31 Bank Holiday or not?

To help account for all government transactions in the current fiscal year (2024-25) by March 31, 2025, the Reserve Bank of India (RBI) has asked all scheduled commercial banks, including regional rural banks and urban cooperative banks, to take part in special clearing operations on March 31, 2025.

According to the guidelines, the special clearing will only be carried out for government cheques under the Cheque Truncation System (CTS). The presentation session is from 5:00 pm to 5:30 pm, and the return session is from 7:00 pm to 7:30 pm on March 31, 2025.

It is obligatory for all the banks to be a part of the special clearing operations, and they are expected to have their inward clearing processing infrastructure accessible during the special clearing time. Banks are also expected to keep enough balance in their clearing settlement account to fulfill settlement obligations that are a result of the special clearing.

The RBI has directed banks to follow the instructions in the circular, as well as directions given by the President of the National Grid Clearing House. The banks can also be led by the circular dated the National Payments Corporation of India (NPCI) on clearing types for instruments to be presented during special clearing sessions.

The extended clearing time on March 31, 2025, is anticipated to enable the smooth settlement of government transactions and ensure that all financial transactions are settled on the same day.

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