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Showing posts with label Holidays. Show all posts
Showing posts with label Holidays. Show all posts

Monday, December 28, 2009

RTGS Holidays for 2010



 RTGS Holidays for 2010
Reserve Bank of India, has declared the RTGS Holidays for 2010. The same are reproduced below.
In 2009,  the number of  RTGS Holidays were 14, apart from  Sundays.
In 2010,  the number of RTGS Holidays are 11, apart from Sundays.


This might be due to the fact, that many Festivals in 2010, are on Sundays. So, naturally, the number of holidays on other days are less.

Three holidays i.e September 11, 2010 - October 02,2010 - December 25, 2010, fall on saturdays. This means that ePayments will continously be closed for 2days at a strech.

 
QUOTE

 RTGS Holidays - Year 2010

Sl. No.             Date                 Day                         Occasion       
1.     January 26, 2010         Tuesday                     Republic Day       
2.     April 01, 2010             Thursday                   Annual Closing of banks       
3.     April 02, 2010             Friday                        Good Friday
      
4.     July 01, 2010             Thursday                     Annual Closing of RBI       
 
5.     September 11, 2010     Saturday             Ganesh Chaturthi / Id-Ul-Fitr       
 
6.     September 30, 2010     Thursday             Half-yearly closing of banks       
 
7.     October 02, 2010     Saturday                     Mahatma Gandhi Jayanti       
 
8.     November 05, 2010     Friday                     Diwali / Kali Puja       
 
9.     November 17, 2010     Wednesday                 Bakri Id       
 
10.     December 17, 2010     Friday                     Moharrum    
  
11.     December 25, 2010     Saturday                 Christmas    

UNQUOTE

Saturday, December 26, 2009

No RTGS Holiday on 28/12/2009



No RTGS Holiday on 28/12/2009

RTGS is functioning as normal on 28/12/2009-Moharram.


Only in the following States (Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh, Jammu, West Bengal, )  on 28/12/2009 - is a Bank Holiday under Negotiable Instruments Act.

As RTGS is functioning, so will NEFT will also function, in the usual Settlement cycles i.e 9.00am, 11.00am, 12noon, 1.00pm, 3.00pm and 5.00pm.

Of course customers in the States of Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh, Jammu, West Bengal, can execute the transactions through the respective Bank’s Net Banking.

Friday, October 2, 2009

RTGS Holidays 2009-Series of Holidays, NEFT Holidays 2009-Series of Holidays


RTGS Holidays 2009-Series of Holidays
NEFT Holidays 2009-Series of Holidays

This weekend ePayments, had a series of Holidays starting with:--

·    27/09/2009-Sunday

·    28/09/2009-Dusshera

·    30/09/2009-Half-Yearly Banks Closing

·    02/10/2009-Gandhi Jayanti

·    04/10/2009-Sunday

This is the longest series of Holidays for ePayments in our country.

And, the best part is that the above Holidays cannot be avoided.
As the Holidays have been declared in Advance, the ePayment users can plan their ePayments in Advance.

Of course, there will be extremely heavy volume of ePayments on 05/10/2009.
Trust all the ePayment Institutions, have their plan-of-action in place.

It is observed that the IT Maintenance Teams prefer to have a through check-up of their systems on National Holidays, and hence on 02/10/2009, all the IT systems must have been tweaked.

Hopefully, this act will support the enormous ePayments volumes on 03/10/2009 and 05/10/2009.

Jai ePayments.

Thursday, September 24, 2009

3 continuous Bank Holidays in Andhra Pradesh and West Bengal i.e 26th September, 2009-27th September,2009 and 28th September, 2009.


Banks will be closed in Andhra Pradesh and West Bengal on 26th September 2009.

And on 28th September, 2009, the ePayments in India will be closed for Durga Pooja.

This means ePayment's have to be planned properly, as there will 3 continuous bank holidays in  Andhra Pradesh and West Bengal
i.e 26th September, 2009-27th September,2009 and 28th September, 2009.

Friday, September 18, 2009

ID Holiday for RTGS/NEFT on 21st September, 2009, Monday

ID Holiday for RTGS/NEFT on 21st September, 2009, Monday

RTGS Holiday - Year 2009

Sl. No.

Date

Day

Occasion

8.

September 21, 2009

Monday

Ramzan ID

21st September, 2009, Monday is a Holiday for ePayments-RTGS and NEFT in India.

On a RTGS Holiday, NEFT too is automatically closed.

This means ep will be closed consecutively for 2 days in a row.

Hence, there will be heavy volumes on 22nd September, 2009.

To minimize the inconvenience of the Holidays, viewers might find these tips useful:-

RTGS-

  • Execute your Transactions on 19th September, 2009 by 12noon, so, Returns if any, will come back on 19th itself.

NEFT-

  • Execute your Transactions on 19th September, 2009 by 10 am, so, Returns if any, will come back on 19th itself.
  • There will be only 3 NEFT Settlement Cycles on on 19th September, 2009, as it is a Saturday. The Settlement Cycles will take place at 9.00am, 11.00am and 12.00noon.
  • Try to avoid NEFT transactions on 20th and 21st, through Net/Mobile Banking. Such transactions will be in queue and executed only on 22nd. In the meanwhile, if there is a change of plans, it will be difficult to cancel the pending transactions.

Enjoy the Holidays

Monday, May 4, 2009

ePayments- No Holidays till 1st July, 2009

 ePayments – No Holidays till 1st July, 2009

            The whole of May’2009 and June’2009, is open for ePayments. In fact, the next ePayments Holiday is 1st July, 2009 on account RBI's Annual Closing of Accounts.

Normally, during May, June, July, August, every year, the number of Bank Holidays will be minimal, and it is more so for ePayments.

             This spell should see a good number of folks, experience the magic of ePayments.  Now, the Annual Results of the Companies have been declared, Share Holders will be eagerly waiting for the Dividends to be credited to their Bank Accounts.

             This year, Indian companies, are likely to distribute the majority of Dividends through ePayments i.e(NEFT/ECS). ePayments, will reduce the TAT, and also lead to lower costs.

   

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.

 

 

 

 

Monday, April 13, 2009

ePayments(RTGS/NEFT), closed on 14th April, 2009



ePayments(RTGS/NEFT), closed on 14th April, 2009

 Reserve Bank of India, in a late afternoon decision on 13th april, 2009, decided to declare a Holiday for ePayments(RTGS/NEFT), on 14th April, 2009. This is the first Holiday in 2009, of  ePayments(RTGS/NEFT) which has been declared at the last moment.

In an ideal situation, Reserve Bank of India, would not like to deviate from the published list of Holidays, for ePayments(RTGS/NEFT) 

The declaration of Holiday for ePayments(RTGS/NEFT), is so sudden, that Reserve Bank of India, has not updated the same in it’s Holiday list @Reserve Bank of India website.


Please note that this is not a comment on Reserve Bank of  India, just an indication of the importance of ePayments(RTGS/NEFT), in our country, and which Reserve Bank of  India, is doing its utmost, to popularize ePayments(RTGS/NEFT)

 

Well, hope the customers have made alternative arrangements on 14th April, 2009. However, this sudden declaration of Holiday, should not cause a major dislocation, as already 90% of Banking Industry, was closed on 14th April, 2009.

Saturday, April 11, 2009

April 14th, 2009, Dr.Ambedkar Jayanti, is a working day for ePayments(RTFS/NEFT), on the day of Publication of this Post.

April 14th, 2009, Dr.Ambedkar Jayanti, is a working day for ePayments(RTFS/NEFT), on the day of Publication of this Post. 

One key advantage of ePayments (RTFS/NEFT), is that, ePayments(RTFS/NEFT),  will be available on all working days except Sundays and other national holidays, whether it is a holiday in a particular state or not, RTGS will function. 

ePayments(RTFS/NEFT),will be open, as long as any 2 RBI Centres,  out of Mumbai, Delhi, Calcutta, Madras, Hyderabad and Bangalore work. As per the Original List of Holiday’s,  April 14th, 2009, is a working day New Delhi and Calcutta, hence ePayments(RTFS/NEFT),were open. 

However, as per Notification http://delhigovt.nic.in/leave_on(14%20April)_English.pdf, April 14th, 2009, has been declared a Holiday in New Delhi, under the NI Act. 

This means out of the 6 RBI Centres only Calcutta, will be functioning. So far, there is no news of a holiday under NI Act, being declared on April 14, 2009, in Calcutta.

We have to wait and see, if RBI decides to declare a holiday for ePayments(RTFS/NEFT),on April 14th, 2009, or decides to keep open the ePayments(RTFS/NEFT). This will be known only on 13th April, 2009, Monday. 

However, there are slim chances of RBI deciding to declare a Holiday on April 14th, 2009, as today i.e Saturday,11th April 2009,  there is no decision from RBI. 

Customers are executing more and more ePayments(RTFS/NEFT),transactions thru, Online Banking, and a sudden holiday, may lead to schedules going haywire. However, there will be very few Branch Originated transactions on April 14th, 2009.

Sunday, April 5, 2009

April 7th2009-ePayments(NEFT /RTGS),will be working normally.

 

April 7th2009-ePayments(NEFT /RTGS),will be working normally.

 

Though, Banks will be closed in 50% of India, on April 7th, 2009, on account of Mahavir Jayanti, ePayments(NEFT /RTGS),will be working normally.

 

Banks will remain closed in the states of Chhatisgarh, Haryana, Himachal Pradesh, Jharkand, Karnataka, Madhya Pradesh, Maharashtra, New Delhi, Rajasthan, Tamil Nadu, Uttranchal and Uttar Pradesh.

 

However, Net Banking of all Banks will be functioning normally, so customers can execute the transactions thru the same.  However, as a precaution, customers are advised to plan their ePayments, keeping in view of the Holiday in few States. As long as the IFSC Code, Beneficiary Customer Account Number and Beneficiary Customer Name are perfectly matching at the Destination Bank, the funds will be instantly applied. The difficulty starts only, when there is variation in IFSC Code, Beneficiary Customer Account Number and Beneficiary Customer Name

 

 

Mahavir Jayanti

The main Jain festival of the year is Mahavira Jayanti, the birth anniversary of Mahavira. According to the Digambar school of Jainism, Lord Mahavira was born in the year 615 BC, but the Swetambaras believe that He was born in 599 BC. Both sects however agree that he was the son of Siddhartha and Trisala. Legend has it, that He was conceived by Devananda, wife of a Brahmin named Rishabhdeva. The gods, ingeniously, transferred the embryo to the womb of Trisala. It is said that the expectant mother had sixteen auspicious dreams before the child was born (only 14 according to the Swetambaras). Astrologers intepreting these dreams, stated that the child would be either an emperor or a Teerthankar.

This religious event is largely observed by the Jains, by visiting sacred sites and worshipping the Teerthankars. The event holds special significance in Gujarat and Rajasthan, due to the ancient shrines at Girnar and Palitana in Gujarat. Mahavira Jayanti is also celebrated at Parasnath temple in Calcutta and at Pawapuri in Bihar.

 

Monday, March 30, 2009

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 1st 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 1st especially on NetBanking, as the transactions would be executed only on the next working day. 

 

Thursday, March 26, 2009

ePayments{RTGS/NEFT}-Delay 5 STATE BANK OF INDIA ASSOCIATE BANK'S OFFICERS TO GO ON STRIKE on 28th March, 2009

Originally, there were 7 Associate Banks of State Bank of India. After, State Bank of Saurashtra’s merger with State Bank of India, the number has come down to 6. 

          Out of the 6 remaining Associate Banks, SBI - State Bank of Patiala, State Bank of Hyderabad, State Bank of Indore, State Bank of Bikaner and Jaipur) State Bank of Mysore, State Bank of Travancore, Officers of five associate banks of the State Bank of India (SBI) will go on strike on March 28 to press for parity with the parent bank in terms of prerequisites and loans to employees.

However, officers of State Bank of Indore would not join the strike.

 The strike, under the banner of the Associate Banks' Officers Association, would also be in protest against plans of a merger between SBI and associate banks. 

          The above strike, if materializes, would cause delay in credits of ePayments(RTGS/NEFT), especially as 27th March 2009, is a Ugadi Holiday, in Tamil Nadu, Andhra Pradesh, Karnataka, Maharashtra, Goa, Uttar Pradesh and Jammu & Kashmir. 

          Banking Customers in the above 7 States, might face  major holdup of funds, as the above Associate Banks, will be shut for 3 days in a row i.e 27th, 28th and 29th.

          This will be experienced more by banking customers, who utilize Net Banking, for transfer of funds. 

          Trust banking customers have taken the stretched weekend and planned their remittances accordingly.

Wednesday, March 25, 2009

EPayments to function normally, on March 27th-UGADI

EPayments to function normally, on March 27th.

 

Ugadi will be celebrated on  March 27th of this Year. Under the Negotiable Instruments Act, 1881, Banks will be closed in the states of Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra.

 

            However, RTGS/NEFT will function normally. There will be minimal staff in Payments Department of Banks, whose Hubs are in Tamil Nadu, Karnataka, Andhra Pradesh and Maharashtra.

 

Hence, it is advised to execute NEFT Transactions on 25th or 26th, especially when executing thru Net Banking. This will enable faster settlement of transactions, and also guarantee availability of funds to your loved ones, before the festival.

 

 

 

Ugadi

It is believed that the creator of the Hindu pantheon Lord Brahma started creation on this day - Chaitra suddha padhyami or the Ugadi day. Also the great Indian Mathematician Bhaskaracharya's calculations proclaimed the Ugadi day from the sunrise on as the beginning of the new year, new month and new day. The onset of spring also marks a beginning of new life with plants (barren until now) acquiring new life, shoots and leaves. Spring is considered the first season of the year hence also heralding a new year and a new beginning.   With the coming of Ugadi, the naturally perfumed jasmines (mallepulu) spread a sweet fragrance which is perhaps unmatched by any other in nature's own creation! While large garlands of jasmine are offered to Gods in homes and temples, jasmine flowers woven in clusters adorn the braids of women.

Predictions of the Year :
   
Ugadi marks the beginning of a new Hindu lunar calendar with a change in the moon's orbit. It is a day when mantras are chanted and predictions made for the new year.

   It is a season for raw mangoes spreading its aroma in the air and the fully blossomed neem tree that makes the air healthy. Also, jaggery made with fresh crop of sugarcane adds a renewed flavor to the typical dishes associated with Ugadi. "Ugadi pachchadi" is one such dish that has become synonymous with Ugadi. It is made of new jaggery, raw mango pieces and neem flowers and new tanarind which truly reflect life - a combination of sweet, sour and bitter tastes!

 

Sunday, February 22, 2009

RBI staff stir hits Rs 50 lakh crore deals

Today’s Topic of Week, sheds some light on the effect of  strike/mass casual leave, by Reserve Bank of India Officials, on Indian Settlement Systems.         

In the last 3 months, Reserve Bank of India officials,  have gone on strike/mass casual leave twice.  This action by RBI Officials has affected RTGS-(Real Time Gross Settlement) apart from the Cheque Clearing Operations.

RBI employees had gone on strike for the same issue on October 21, 2008 and February 20, 2009.

As NEFT Settlement is dependant on RTGS-(Real Time Gross Settlement) , NEFT too got affected.

Due to the strike/mass casual leave on Friday, Saturday –half day, Sunday-Holiday, Monday-Mahasivarathri Holiday, there was a very heavy load on the RTGS Network on Saturday i.e February 21, 2009.

Transactions amounting to almost Rs 50,00,000 crore were stalled by the all-India strike by over 2,500 employees and officers of the Reserve Bank of India (RBI) On Friday, demanding update of the pension scheme.

Employees have proposed to approach Finance Minister Pranab Mukherjee for an early resolution of the matter, which has been a point of contention for five months now.

The strike affected real time settlement (RTGS) of transactions worth Rs 3,00,000 crore and clearing of around 18,00,000 cheques all over India, primarily in Mumbai (8,00,000 cheques) and metro centres, which amounted to approximately Rs 20,00,000 crore.

There were no settlements in the domestic money market, foreign exchange market and stock exchanges.

                RTGS-(Real Time Gross Settlement) was launched in March 2004, and since than has made rapid strides. The country’s economic capability is linked to the successful functioning of the RTGS, and there have been very few full-day failures in RTGS, either technical or man-made. Hence, it puts on an onerous responsibility, on all the stake-holders for the smooth functioning of RTGS - (Real Time Gross Settlement)

Saturday, January 31, 2009

NEFT HOLIDAYS IN 2009



NEFT Holidays and RTGS Holidays are on the same days. However, there is a demand from viewers for a separte post for RTGS  and NEFT holidays. Hence, this Post. Reserve Bank of India, by declaring in Advance, the Holidays, has offered Corporates, Individuals, to plan their EPayments. 

Sl. No.  Date                        Day  Occasion

1.           January 8, 2009      Thursday          Muharram

2.          January 26, 2009     Monday           Republic day

3.         April 1, 2009              Wednesday      Annual closing of banks

4.         April 10, 2009           Friday              Good Friday

5.        July 1, 2009                Wednesday     Annual closing of RBI

6.       August 15, 2009          Saturday        Independence day

7.      September 21, 2009     Monday        Ramjan ID

8.      September 28, 2009    Monday        Dusshera

9.      September 30, 2009    Wednesday  Half-yearly closing of banks

10.    October 2, 2009           Friday           Gandhi Jayanti

11.     October 17, 2009         Saturday       Diwali

12.    November 28, 2009    Saturday       Bakri ID

13.    December 25, 2009         Friday             Christmas

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