New Delhi, Mar 31: In view to providing convenience to customers, the Reserve Bank of India (RBI) asked all the banks to keep their counters to open till 8 PM on Saturday, March 31. The RBI has allowed electronic transactions until midnight today.
The RBI had earlier issued a circular in this regard on Wednesday, March 28. In the circular, it stated that it is mandatory for all the banks to participate in the special clearing operations and they should keep their inward clearing processing infrastructure open during the special clearing hours and maintain sufficient balance in their clearing settlement account to meet settlement obligations arising out of the process.
For Cheque Truncation System (CTS) grid locations — New Delhi, Mumbai, and Chennai — special presentation clearing will take place between 20:00 and 20:30 hours; for paper 2 follow (P2F) mode, clearing is scheduled between 21:00 and 21:30 hours; and for return clearing the session, the window is open between 22:00 and 22:15 hours.
While for special clearing in non-MICR (Express Cheque Clearing Systems) clearing houses, presentation clearing will be one hour after the extended business hours for return clearing it will be half and hour-one hour after the presentation clearing.
Banks were closed on March 29 and March 30 for Mahaveer Jayanti and Good Friday. April 1 is Sunday and April 2 (Monday) is the annual closing day of banks.
Banks have also made necessary arrangements for the smooth functioning today as the huge rush is expected on all the counters. As the banks will remain closed for two days, there are chances that ATMs would run out of cash.
(With Agency Inputs)