RBI to remain open July 1 to facilitate public transactions

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Mumbai, June 28: Departing from its regular practice, the Reserve Bank of India (RBI) said it will remain open on July 1 this year to facilitate settlement of market transactions as well as of the general public.

Normally the RBI remains closed on July 1 due to the closing of annual accounts. The central bank’s accounting year runs from July 1 to June 30.

“On a review and in order to facilitate the settlement of market transactions, as also, to aid the transactions of the general public, the Reserve Bank of India has decided that it will remain open even for public transactions on July 1, 2014,” the RBI said in a statement.

The RBI said the services, such as, RTGS/NEFT, transfer of funds and settlement of securities will be available from 12 noon onwards on July 1. The settlement of all outstanding transactions under the Reserve Bank’s liquidity adjustment facility (LAF) and marginal standing facility (MSF) due for reversal will take place at 12 noon on that day.

The morning LAF window will operate between 12.30 p.m. and 1.30 p.m, it said.