Vijay Darda : RTGS facility will not operate on 2nd, 4th Saturdays: RBI

Vijay Darda 

Mumbai: The RTGS system, which allows real time transfer of large funds, will not be operated on second and fourth Saturdays with banks observing public holiday on that days, the Reserve Bank said today.

However, the system will operate for full days on other Saturdays of a month, RBI said in a notification.

The RBI logo. Reuters

“Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS,” RBI said.

Banks are observing public holiday on every second and fourth Saturdays of a month.

RBI has also effected changes in RTGS time window.

As per the new time schedule for regular days, including Saturdays except second and fourth, business opening would be at 0800 hrs while initial cut off (customer transactions) would be 1630 hrs. The final cut-off (inter-bank transactions) will be at 1945 hrs and IDL reversal between 1945-2000 hrs.

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