What changed
The time window for the CFMS funds transfer module was extended by one hour on both weekdays and Saturdays. Weekday timings moved from 11:00-16:30 to 10:00-17:00 hours, and Saturday timings from 11:00-13:00 to 10:00-15:00 hours.
What it means for you
Banks and CFMS members now have an extra hour each weekday and two extra hours on Saturdays to process funds transfers between DADs. This reduces pressure on end-of-window settlements and improves liquidity management flexibility. The earlier start at 10:00 hours also aligns better with market opening times.
What you must do
- Update your internal systems and cut-off timings for CFMS funds transfer module to reflect new window: weekdays 10:00-17:00, Saturdays 10:00-15:00.
- Inform treasury and operations teams about the revised schedule effective January 24, 2011.
- Ensure payment gateways are configured to accept CFMS transfers during the extended hours.
- Acknowledge receipt of this circular to RBI as required.
Who it affects
All CFMS member banks and financial institutions, Treasury and funds management teams, Payment gateway operators handling DAD transfers
When do the new CFMS timings take effect?
The revised timings are effective from January 24, 2011.
What were the old CFMS timings for weekdays?
Previously, the funds transfer module operated from 11:00 to 16:30 hours on weekdays and 11:00 to 13:00 hours on Saturdays.
Does this change affect all CFMS modules or only the funds transfer module?
The circular specifically mentions extension of timings for the funds transfer module used to transfer funds between DADs from payment gateways.