Banks to remain closed on April 1: RBI

The Reserve Bank of India (RBI) on Wednesday said banks need not remain open on April 1, as against its earlier order, because it may affect the annual closing, especially in view of the State Bank of India (SBI) merger.

"In consultation with the government, it has been decided that while the agency banks are to keep all their branches dealing with government business open on all days in the current financial year (including Saturday, Sunday and all holidays) as already advised, these branches need not be kept open on April 1," the RBI said in a statement here.

"It has been represented that the opening of bank branches on April 1, may disrupt the annual closing, especially in view of merger of some banks taking effect from that date," the statement said.

SBI merger with its five associate banks and Bharatiya Mahila Bank will come into effect from April 1.

On March 24, RBI had asked all agency banks, including public sector banks and some private banks, to keep all their branches dealing with government business open on all days in the current financial year and on April 1.