April 1st, 2009 is a RTGS/NEFT Holiday on account of Annual Closing of Bank Books.

April 1st, 2009  is a RTGS/NEFT Holiday on account of Annual Closing of Bank Books.

 

            In the initial years, Reserve Bank of India, used to keep open the RTGS/NEFT System open, even though banks were closed for customer transactions. This led to lot of confusion, both at the customer’s end and Bank’s end. So, Reserve Bank of India, decided to keep the RTGS/NEFT Sytem closed on 1^st April. 

            Ultimately, the RTGS/NEFT System is for the benefit of the customers, and if there is holiday for customer transactions, there is no meaning in keeping open the system. 

            The April1st Holiday, might affect retail customers, as folks would be interested to remit monies to their parents/relatives as Salary would have been just received. However, as the Holiday, is the middle of the week, the consequence would be less. 

            So, folks avoid any ePayments transactions on 1^st especially on NetBanking, as the transactions would be executed only on the next working day.