Bank Holiday on Saturdays - No RTGS

By Vijay Kumar

ALL scheduled and non-scheduled banks - public, private, foreign, cooperative, regional rural and local area banks - will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays). Consequent to this, the Reserve Bank of India will continue to operate fixed rate reverse repo as well as the marginal standing facility (MSF) windows on all working Saturdays between 7:00 pm and 7.30 pm as on any normal business day.

All money market segments, namely, call/notice/term money, market repo and Collateralised Borrowing and Lending Obligation (CBLO) will remain open on all working Saturdays as on any normal business day.

Payment systems will not be operated on second and fourth Saturdays but would operate for full day on working Saturdays. Payment systems typically includes Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Cheque Clearing operated by various Bankers' Clearing Houses in the country including the grid based Cheque Truncation System (CTS) and ECS suite [Electronic Clearing Service (ECS), Regional Electronic Clearing Service (RECS) and National Electronic Clearing Service (NECS)].

Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS and ECS suite.

RBI Press Release 2015-2016/528., Dated August 28, 2015