RBI says payment systems to remain closed on April 1 | business-news | Hindustan Times
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RBI says payment systems to remain closed on April 1

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

business Updated: Mar 30, 2017 18:50 IST
HT Correspondent
Reserve Bank of India

People walk past the Reserve Bank of India (RBI) head office in Mumbai, November 9, 2016. (Reuters)

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

Electronic fund transfers using payment channels like RTGS and NEFT would remain closed on Saturday. However 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 reconsideration, 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 respective system to member banks.

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

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