RBI says payment systems to stay closed on April 1

RBI says payment systems to stay closed on April 1


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

Electronic fund transfers using payment channels like RTGS and NEFT would stay closed on Saturday. Though debit card and credit card transactions would remain unaffected.

RBI had stated on March 25 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 review, it was decided that all payment systems will remain closed on April 1, 2017.

The central bank said it will issue a separate broadcast message in this regard through the respective system to member banks.

It also clarified that the special clearing action on March 30 and 31 remains unchanged.

April 1 is an annual closing day of accounts for banks and they remain shut.

Share Story

You might also like

We want to hear your thoughts
Join the discussion!

Recommended by us