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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.

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Date : Mar 26, 2019
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2018-19)

RBI/2018-19/149
DGBA.GBD.No.2430/42.01.029/2018-19

March 26, 2019

All Agency Banks

Dear Sir / Madam

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2018-19)

The Government of India has desired that all government transactions done by agency banks for Financial Year 2018-19 must be accounted for within the same financial year and has requested that, as in previous years, certain special arrangements be made for this purpose.

2. Accordingly, all agency banks should keep the counters of their designated branches conducting government banking open for government transactions up to 8.00 p.m. on March 30, 2019 and upto 6.00 p.m. on March 31, 2019.

3. All electronic transactions, including RTGS and NEFT, will continue for the extended time on March 30 and March 31, 2019 for which DPSS, RBI will issue necessary instructions.

4. Regarding reporting of GST collection in e-Kuber of RBI, the reporting window on March 31, 2019 for uploading luggage files will be extended and kept open till 12 noon on April 1, 2019. Thus, agency banks will be able to upload their luggage files of value date March 31, 2019 upto 12 noon on April 1, 2019.

5. Agency banks may give adequate publicity to the special arrangements made.

Yours faithfully

(Partha Choudhuri)
General Manager

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