The RTGS (real-time gross settlement) system, which allows real-time transfer of large funds, will not be operated on the second and fourth Saturdays of the month. Banks will observe a holiday on those days, the Reserve Bank of India (RBI) said in a notification. However, the system will operate for the full day on other Saturdays, said RBI.
As per the new schedule, for regular days, including Saturdays (except the second and fourth Saturdays), business will open at 08:00 hrs while the initial cut-off (for customer transactions) would be 16:30 hours. The final cut-off (inter-bank transactions) will be at 19:45 hours and IDL (international date line) reversal between 19:45-20:00 hours. Close of business will be at 20:00 hours.