No RTGS funds transfer on 2nd, 4th Saturdays, says RBI

The RTGS system, which allows real time transfer of large funds, will not be operated on second and fourth Saturdays with banks observing public holiday on that days, theReserve Bank of India (RBI) said on Tuesday.

However, the system will operate for full days on other Saturdays of a month, RBI said in a notification. "Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS," RBI said.

Banks are observing public holiday on every second and fourth Saturdays of a month. RBI has also effected changes in RTGS time window. As per the new time schedule for regular days, including Saturdays except second and fourth, business opening would be at 08.00 am while initial cut off (customer transactions) would be 4.30 pm.

The final cut-off (inter-bank transactions) will be at 7.45 pm and IDL reversal between 7.45-8.00 pm. The close of business is at 08.00 pm. As per earlier timings for Saturdays or short days, the initial cut-off was at 2.00 pm and final cut off at 3.00 pm. The close of business was at 3.30 pm.

RTGS means Real Time Gross Settlement which refers to continuous or real time settlement of funds. It is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. There is no upper ceiling for RTGS transactions.