RBI announces extension of time for cheque clearances at banks

19 Dec 2009

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The Reserve Bank of India has extended the time for cheque clearances under the `Real Time Gross Settlement' (RTGS) window at banks. This has been done to avoid a bunching of transactions on Saturdays, RBI said in a release.

"On a review of RTGS timings and the volume of business handled by RTGS on Saturdays, the RTGS standing committee has decided to extend RTGS timings for customer and inter-bank transactions on Saturdays," the RBI release said.

Accordingly, banks will entertain customer transactions between 9:00 am to 4:30 pm from Monday to Friday and between 9:00 am and 13:30 pm on Saturdays.

For inter-bank transactions, the new timings will be between 9:00 am and 6:00 pm from Monday to Friday and between 9:00 am and 3:00 pm on Saturdays.

RBI has askd all banks to extend the benefits of the extension of RTGS time window to their customers.
 
Earlier, on 25 June 2008, the RTGS standing committee had fixed transaction time for customers between 9:00 am and 4:30 pm from Monday to Friday and between 12:00 noon and 12:30 pm on Saturdays.

For interbank transactions the current timing is between 9:00 am and 6.00 pm from Monday to Friday and from 9.00 am 2.30 pm on Saturdays. These timings are effective from 10 January 2009.

RBI said the RTGS facility is now available at more than 53,000 bank branches all over the country, but the usage of the system has not increased proportionately. In order to bring the RTGS usage to a desired level, the RTGS member banks have been advised to extend their customer windows commensurate to RBI business sessions.

Banks have also been advised to popularise the products and create a user friendly atmosphere at branch level to increase RTGS usages.

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