NEFT, cheque-clearing operations open on weekend: RBI

To meet the heavy demand from the public in the wake of the demonetization of old Rs500 and Rs1,000 currency notes, banks will remain open on 12-13 November


Huge rush and long queues were witnessed at banks on Thursday after a day’s break, as people jostled to get lower value currency to meet their daily basic needs. Photo: AP
Huge rush and long queues were witnessed at banks on Thursday after a day’s break, as people jostled to get lower value currency to meet their daily basic needs. Photo: AP

Mumbai: Payment systems, including electronic transfers and cheque clearing, will remain open for public transactions on Saturday and Sunday.

To meet the anticipated heavy demand from the public in the wake of the demonetization of old Rs500 and Rs1,000 currency notes, banks have been asked to remain open for public transactions on 12-13 November. They have been asked to keep all their branches open on the two days as regular working days for transacting all business operations.

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“Consequent on the banks being open for public transactions on (Saturday and Sunday), it has been decided that Payment Systems (RTGS, NEFT, cheque clearing, repo, CBLO and call markets) shall remain open on Saturday and Sunday,” RBI said in a notification.

Meanwhile, huge rush and long queues were witnessed at banks, which opened on Thursday after a day’s break, as people jostled to get lower value currency and new banknotes to meet their daily basic needs.

Finance minister Arun Jaitley has assured small depositors that the I-T department will not hound them for depositing Rs500/Rs1,000 notes. He also advised people not to rush in as there is enough time till 30 December to exchange the defunct notes. In a surprise decision, prime minister Narendra Modi on Tuesday night had announced withdrawal of Rs500 and Rs1,000 notes from circulation in a bid to flush out black money.

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