Rbi agency bank branches

RBI Agency Bank branches to be open on March 29, 2013, March 30, 2013 and March 31, 2013.

            RBI anticipates a last moment rush by Indian Banking customers to remit Government Tax receipts. Hence, RBI has advised that Agency Bank Branches to keep the counters of their designated branches conducting Government business open (full day with extended hours) on March 29, 30 and 31, 2013 to facilitate receipt of Government taxes from members of public even at late hours.

            There will be special clearing sessions wherein exclusive cheques favoring Tax Authorities will be handled.

Simultaneously, offices of both income tax as well as of indirect taxes will remain open on March 30 and 31 to facilitate tax collection.

It might be mentioned here that March 29, 2013 is Good Friday, with bank branches in many parts of India being closed. Marc 31, 2013 is Sunday. However, now agency bank branches have to keep their counters opens.

It would be interesting to know, as to how many tax payments were made via online banking and physical bank branches on March 29, 30 and 31.

Would it better to offer loyalty points if government tax is paid in advance, to avoid direct and indirect costs by keeping open bank branches on the last working days?

Agency bank branches are Banks which have been appointed under Section 45 of RBI Act to carry out Government transactions.

At present all the public sector banks and three private sector banks viz. ICICI Bank Ltd., HDFC Bank Ltd. and Axis Bank Ltd. act as RBI's agents. Only authorised branches of Agency banks can conduct Govt. business.