FROM RESERVE BANK OF INDIA, CENTRAL OFFICE, MUMBAI
TO IBA, CENTRE 1, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI-400005.
DBOD NO. Leg.2168/09.11.001(spl)/
SEPTEMBER 30TH AS A WORKING DAY FOR ALL BANKS UNDER
NEGOTIABLE INSTRUMENTS ACT.
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1. As you are aware, Banks have been observing holiday on September 30th every year on account of half-yearly closing of accounts. A suggestion was received from a member of public, requesting RBI to look into the issue of doing away with the holiday observed by Banks on September 30th due to adoption of technology for processing in Banks. Accordingly, a proposal was made to Government of India in this regard.
2. Acceding to our proposal, Government of India wrote to all State Governments and Union TerrItories to do away with the holiday on September 30th for Banks. All State Governments and Union Territories have since issued Notification, making September 30th, 2013 as working day for Banks under Negotiable Instruments Act.
3. You may inform all the Banks to take note of this and act accordingly.
Yours faithfully,
sd/-
(Sadhana Varma)
General Manager
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