What changed
The earlier cut-off time of 8:00 PM for e-payment transactions, previously applicable only to certain government receipts, has now been extended to cover all government transactions, including those processed through EASIEST and OLTAS systems. This was decided in consultation with the Controller General of Accounts, Ministry of Finance.
What it means for you
Banks must ensure that all government revenue e-payments—whether via EASIEST, OLTAS, or other channels—are completed by 8:00 PM. This uniform cut-off simplifies operations but requires strict adherence to avoid reconciliation issues with government accounts. Non-compliance could lead to delays in government revenue booking.
What you must do
- Update internal systems to enforce the 8:00 PM cut-off for all government e-payment transactions, including EASIEST and OLTAS.
- Communicate the revised cut-off to all branches handling government receipts.
- Monitor transaction timestamps to ensure no government e-payment is processed after 8:00 PM.
- Coordinate with your IT team to align batch processing schedules with the new cut-off.
Who it affects
State Bank of India and its Associates, All Nationalised banks, Axis Bank Ltd, HDFC Bank Ltd, ICICI Bank Ltd, IDBI Ltd, J&K Bank Ltd, Branches handling government revenue e-payments
Does this cut-off apply to all government e-payments or only specific ones?
It applies to all government e-payment transactions, including those through EASIEST and OLTAS systems, as decided in consultation with the Controller General of Accounts.
What happens if a government e-payment is initiated after 8:00 PM?
Such transactions should not be processed; banks must enforce the cut-off strictly to avoid reconciliation issues with government accounts.
Are there any exceptions to this cut-off time?
No exceptions are mentioned in the circular. The cut-off is uniform for all government revenue e-payments.