RBI to extend RTGS business hours from Dec 29
Updated: Dec 18, 2014 04:11:42pm
New Delhi, Dec 18 (KNN) To address the growing demand from the market and customers, the Reserve Bank of India has decided to extend the business hours of Real Time Gross Settlement (RTGS) from December 29 2014. The business hours on weekdays will be 8 am to 8 pm and 8 am to 3.30 pm on Saturday.
The circular issued under Section 10 (2) of Payment and Settlement Systems Act, 2007, dated 15th December 2014 says:
1. It has been the endeavour of the Reserve Bank of India to keep enhancing the systems, procedures, etc. to meet the growing needs of the markets/ customers. The launch of the new RTGS system in October 2013 was one of the steps taken by the Bank for catering to the growing volume and to provide liquidity saving and other features of the new system to the members.
2. Of late there has been a market demand for extending business hours of the RTGS system to facilitate customer and inter-bank transactions as also to facilitate other market obligations to settle in the RTGS system. Accordingly, the RTGS business hours are being revised to meet the market expectation.
3. It has hence been decided to advance RTGS business hours to 8:00 hours from 9.00 hours and extend closing time of RTGS to 20.00 hours on week days. RTGS business window will be open from 8.00 hours to 15.30 hours on Saturdays.”
This extension will be quite helpful for market and customers alike, who wants real time settlement in interbank transactions on the same day, which is presently restricted latest to 4.15 pm on weekdays and 1.45 pm on Saturday. (KNN TR)
The circular issued under Section 10 (2) of Payment and Settlement Systems Act, 2007, dated 15th December 2014 says:
1. It has been the endeavour of the Reserve Bank of India to keep enhancing the systems, procedures, etc. to meet the growing needs of the markets/ customers. The launch of the new RTGS system in October 2013 was one of the steps taken by the Bank for catering to the growing volume and to provide liquidity saving and other features of the new system to the members.
2. Of late there has been a market demand for extending business hours of the RTGS system to facilitate customer and inter-bank transactions as also to facilitate other market obligations to settle in the RTGS system. Accordingly, the RTGS business hours are being revised to meet the market expectation.
3. It has hence been decided to advance RTGS business hours to 8:00 hours from 9.00 hours and extend closing time of RTGS to 20.00 hours on week days. RTGS business window will be open from 8.00 hours to 15.30 hours on Saturdays.”
This extension will be quite helpful for market and customers alike, who wants real time settlement in interbank transactions on the same day, which is presently restricted latest to 4.15 pm on weekdays and 1.45 pm on Saturday. (KNN TR)
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