As Reserve Bank of India’s
accounting year is July to June, every July 1, Reserve Bank of India remains
closed for public transactions.
Under CTS the settlements take place
in the respective banks account maintained with Reserve Bank of India, in its
eKuber CBS.
Till last year, the CTS Grids were
closed in tandem with RBI closure on July 1. However, this year, Reserve Bank
of India has decided that it will remain open even for public transactions on
July 1, 2014.
This means RTGS system will also
work which in turn facilitates CTS Grids to be open.
More than 400 lac cheques are being
routed monthly in the 3 CTS Grids across India i.e 15 lacs cheques per working
day.
