This year the Reserve Bank of India (RBI) has made special provision to remain open on July 1, 2014 to facilitate settlement of market transactions as well as to facilitate the transactions of the general public.

Normally, the RBI remains closed for public transactions every July 1 on account of its annual closing of accounts. The Reserve Bank’s accounting year begins on July 1 and ends on June 30.

In view of the annual closing of its books of account, however, on July 1, 2014 services, such as, RTGS/NEFT, transfer of funds and settlement of securities will be available from 12:00 noon onwards, the RBI said in a notification.

Settlement of funds as well as securities for all transactions that settle on T+0 basis will be effected from 12:00 noon onwards and settlement of all outstanding transactions under the Reserve Bank’s liquidity adjustment facility (LAF)/marginal standing facility(MSF) due for reversal will take place at 12.00 noon on that day. In the morning LAF window will operate between 12.30 p.m. and 1.30 p.m, the RBI said. (The Hindu)