Government of India has decided that the date of closure of residual transactions for the month of March 2023 be fixed as April 10, 2023. In view of the ensuing closing of Government accounts for the financial year 2022-23, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc., for passing on challans/scrolls etc., to the Nodal/Focal Point branches so that all payments and collections made on behalf of Government towards the end of March are accounted for in the same financial year. These instructions regarding special messenger arrangements may please be informed to all branches concerned.
RBI provisions require banks to set aside a minimum percentage of funds to cover expected credit losses .NBFCs are required to hold a 0.25% reserve. for outstanding loans on personal home loans and loans to small and micro businesses.
