Mumbai: The RTGS system, that allows genuine time send of vast funds, will not be operated on second and fourth Saturdays with banks watching open holiday on that days, a Reserve Bank pronounced today.
However, a complement will work for full days on other Saturdays of a month, RBI pronounced in a notification.
“Processing of destiny value antiquated exchange with value date descending on second and fourth Saturdays will not be undertaken underneath RTGS,” RBI said.
Banks are watching open holiday on each second and fourth Saturdays of a month.
RBI has also effected changes in RTGS time window.
As per a new time report for unchanging days, including Saturdays solely second and fourth, business opening would be during 0800 hrs while initial cut off (customer transactions) would be 1630 hrs. The final cut-off (inter-bank transactions) will be during 1945 hrs and IDL annulment between 1945-2000 hrs.
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The tighten of business is during 2000 hrs.
As per progressing timings for Saturdays or brief days, a initial cut-off was during 1400 hrs and final cut off during 1500 hrs.
The tighten of business was during 1530 hrs.
RTGS means Real Time Gross Settlement that refers to continual or genuine time allotment of funds.
It is essentially meant for vast value transactions. The smallest volume to be remitted by RTGS is Rs 2 lakh. There is no top roof for RTGS transactions.