Friday, 31 March 2017

RBI says payment systems to remain closed on April 1


The Reserve Bank of India (RBI) has said all payment systems will remain closed on April 1, in a change from its earlier directive asking banks to remain open on the first day of the next fiscal beginning April.

Electronic fund transfers using payment channels like RTGS (Real-time gross settlement) and NEFT (National Electronic Funds Transfer) would remain closed on Saturday. However, debit card and credit card transactions would remain unaffected. 

RBI had stated previously that all payment systems as on a normal working day, during the period March 25 to April 1, 2017 (including Saturday, Sunday and all holidays). On reconsideration, it was decided that all payment systems will remain closed on April 1, 2017.

    Takeaways from above News-
    • All payment systems will remain closed on April 1
    • Electronic fund transfers using payment channels like RTGS and NEFT would remain closed on Saturday

    If you have any other takeaways, do share with us in the comment section

    Source- Business Line

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