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

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

Mumbai Financial Markets, will be closed on April 30^th, 2009 and 1^st 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 30^th, 2009 and 1^st 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 29^th 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 4^th 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.