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Wednesday, April 29, 2009

Epayments(RTGS and NEFT to work normally on April 30th, 2009 and 1st May, 2009)

Epayments(RTGS and NEFT to work normally on April 30th, 2009 and 1st May, 2009)

Mumbai Financial Markets, will be closed on April 30th, 2009 and 1st May, 2009), continuously for two days. 30/04/2009 is the General Election day in Mumbai and 01/05/2009 is May Day. 

However, Epayments(RTGS and NEFT  will  work normally on April 30th, 2009 and 1st May, 2009). 

Majority of the Banks ePayments Central Hub are located in Mumbai, except for few banks like ING Vysya Bank(Bangalaore), Andhra Bank(split between Hyderabad and Mumbai). This means there will be less number of  staff  at the centralized ePayments Hub, and will not prefer to opt for bulk uploads of ePayments files. 

It has been observed, that organizations are switching over to ePayments, for disbursement of Salaries, and other forms of Employee compensations viz:- conveyance, medical reimbursements etc.

Hope, the Organizations have already forwarded the Salary Payment files to their bankers, today itself i.e 29th April, 2009, and the Banks have already processed the files.

 

Though the branches will not be functioning, the transactions can be executed thru the Net Banking Sites of the Banks. There will be a surge of ePayments transactions on 4th May, 2009, as the financial markets will open after 4 closed days, especially once the Clearing Credits start reflecting in the customer’s bank accounts. 

A little proper scheduling will smoothen the ePayments execution process.

 

 

 

 

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All efforts have been made to make this information as accurate as possible, N Prashant will not be responsible for any loss to any person caused by inaccuracy in the information available on this Website. Relevent Official Gazettes Communications may be consulted for an accurate information. Any discrepancy found may be brought to the notice of N Prashant