Why RBI kept banks open on Mahavir Jayanti — and what you must complete before midnight
March 31 is both a gazetted holiday and the financial year-end. The RBI ordered agency banks to stay open. A plain-language guide to what closes today and what can wait.
India’s banking system is navigating an unusual situation this week. March 31 is Mahavir Jayanti — a gazetted public holiday observed across most of the country — and simultaneously the final day of financial year 2025-26. The Reserve Bank of India resolved the conflict by ordering all agency banks to remain operational, overriding the holiday notification for year-end financial transactions. Not all banks are open; only those designated as government agency banks, which process government-linked financial transactions, are required to operate today.
The directive covers a defined set of transactions that cannot roll over into the new financial year without tax or compliance consequences. These include fourth-quarter advance tax deposits, TDS deposits by employers and businesses, government account reconciliation at both central and state level, and certain inter-bank settlements tied to government securities. If you are a business owner with March TDS to deposit, or an individual with Q4 advance tax liability, today is your deadline.
What can safely wait until tomorrow: most personal banking transactions — account transfers, bill payments, loan EMI collections, fixed deposit renewals — carry no penalty for processing on April 1. UPI, IMPS, and internet banking for personal accounts function normally regardless of the holiday, because these payment rails operate around the clock independently of branch operations.
The one area where ordinary customers should act today: cheque clearance. A cheque deposited before branch closing today will be processed within FY2025-26. The same cheque deposited tomorrow appears in FY2026-27 account statements. For most people this is irrelevant, but for anyone with audit, tax, or accounting reasons to book a transaction in the current financial year, today’s branch window is the last one available.
Tax consultants and chartered accountants have advised clients to complete any pending e-filings by 8pm to allow processing time and avoid system overload near midnight. The income tax department’s portal remains fully operational throughout the day and night.
