The Reserve Bank of India (RBI) on Friday said that all scheduled and non-scheduled banks will observe public holiday on second and fourth Saturdays from September 01, 2015.
While, banks will observe full working days on Saturdays other than second and fourth Saturdays.
The financial market segments which are currently open for transactions on Saturdays will continue to remain open on all working Saturdays, the RBI said.
Payment systems will not be operated on second and fourth Saturdays but would operate for full day on working Saturdays.
Payment systems typically includes Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Cheque Clearing operated by various Bankers' Clearing Houses in the country including the grid based Cheque Truncation System (CTS) and ECS suite [Electronic Clearing Service (ECS), Regional Electronic Clearing Service (RECS) and National Electronic Clearing Service (NECS)].
The Banking Departments in Regional Offices of the Reserve Bank will remain open for the full day on working Saturdays as required to support the functioning of the Financial Markets and the Payment Systems. Government business will be transacted at agency banks on working Saturdays, adde further.