Finance Deptt issues order on e-Payments

The Finance Department today issued a circular with regard to e-Payments under e-Kubar framework arrangements for March 31, 2021.

As per the circular, the Reserve Bank of India has issued instructions regarding placement of special arrangements by RBI on March 31, 2021 to facilitate accounts of government transactions within the same financial year in RBI books. “Such arrangement is usually related to extension of timing for cheque clearing and NEFT/RTGS to enable customers to Government transactions,” it states.

The RBI has set cut off timing for Government payment transactions through e-Kuber integration at 2300 hours on every working day and the e-Payments files received from Government system after cutoff time of 2300 hours shall be processed on the next working day by e-Kuber.