Payment systems to remain closed on April 1- RBI

Reserve Bank has said all payment systems will remain closed on April 1.

It is a change from its earlier directive asking banks to remain open on the first day of the next fiscal beginning April 1.

However, there is no change with regard to the payment channels, including RTGS and NEFT, being operative as a normal working day during March 25 to April 1 (including Saturday, Sunday and all holidays).

“On reconsideration, it has been decided that all payment systems will remain closed on April 1, 2017,” it said.

The RBI 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.

On March 23, the RBI had instructed banks about conducting special clearing exclusively for government transactions on March 30-31.

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

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