RBI's Bank Holiday Announcement
Reserve Bank of India (RBI) has revised the holidays list. March 31, 2025, is not a bank holiday so that there are smooth financial transactions on the financial year closing date 2024-2025.
Reason for Cancellation
As March 31 is the financial year closing date, the RBI has not declared a holiday. This will allow all the transactions, settlements, and financial accounts to close on the same date.
Impact on Government Payments and Tax Collections
Since the new financial year starts from April 1, major government payments and revenue collections need to be made. The decision is to facilitate:
- Income Tax and GST payments
- Customs and Excise Duties settlements
- Government subsidies and pension payments
- Salary allowances and other financial transactions under government schemes
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