The Reserve Bank of India (RBI) has made it clear that all agency banks dealing with government transactions should function on March 31, irrespective of the public holiday in several states. The move is intended to facilitate year-end financial procedures like government receipts, payments, and tax transactions.
Official RBI Notification
As per the information, the banks will function, but partially, which means although banks will remain open for end-of-year business, regular activities such as cash deposits, withdrawals, and loan sanctioning will be out of reach.
Internet and ATM banking will be normal, which means bank customers can go about their normal use of Internet banking, UPI, and ATMs.
The government business will be handled first, which means tax payments, financial settlements, and government businesses will be given precedence in the majority of the banking activities for the day.
April 1 is usually a bank holiday for the closing of annual accounts, so regular customer transactions will not be accepted on this day.