The National Payment Corporation of India (“NPCI”) has issued a circular informing members about the increased settlement cycles to help in settlement process and business day cutover timings to help in reconciliation process with effect from 1st August, 2024.
The earlier 8 cycles system has been revised to 10 cycles per day while the revised business cutover is 24:00 hours to 24:00 hours from the earlier 23:00 hours to 23:00 hours. It is further informed that the day prior of the effective date, the last settlement cycle cutover i.e. 21:00 to 23:00 will be revised to 21:00 to 24:00 to bridge the gap of one day so that next day the revised timing can take effect without any disruption.
The member banks are required to make necessary changes in their internal system and other measures as may be required for smooth transition on reconciliation process.
Kindly refer to the hyperlink below for a detailed read of the Circular and the revised cycles of settlement.
Source: National Payment Corporation of India
