Banking News

Second and fourth Saturdays are Public Holidays for Banks from September 2015

All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks whether or not included in the II Schedule to RBI act 1934 will observe public holiday on second and fourth Saturdays from September 01, 2015. The remaining Saturdays will be called as working Saturdays and will observe full working days for banks other than second and fourth Saturdays. The first second Saturday of September 2015 falls on 12th September 2015.

Accordingly RBI has made following changes in some of its operational functions with effect from September 1, 2015.

The financial market segments, all money market segments, fixed rate reverse repo, MSF and LAF repo windows, payment systems like RTGS/NEFT, Cheque clearing including CTS, ECS suite (ECS/RECS/NECS), remain open on all working Saturdays just like any normal business day. The Government business will be transacted at agency banks on all working Saturdays.

The above service systems will not work on second and fourth Saturdays. Process ing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS and ECS suite.

Forex market and Government securities markets, along with all OTC derivative markets would remain closed on all Saturdays, as hitherto.

In a press release the apex bank informed that the Banking Departments in Regional Offices of the Reserve Bank will remain open for the full day on working Saturdays.

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