RBI to remain open on July 1 to facilitate transactions
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The Reserve Bank of India will remain open on July 1 to facilitate settlement of public and market transactions.
"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 for public transactions on July 1, 2015," it said in a release on Monday.
Normally, RBI remains closed for public transactions every July 1 on account of its annual closing of accounts. The Reserve Bank's accounting year is July to June.
In view of the annual closing of its books of account, however, on July 1, services, such as, RTGS/ NEFT, transfer of funds and settlement of securities will be available from 11 AM onwards, it said. Settlement of funds as well as securities for all transactions that settle on T+0 basis will be effected from 11 AM onwards; settlement of all outstanding transactions under the RBI's liquidity adjustment facility/ marginal standing facility due for reversal will take place at 11 in the morning, it added. Besides, the morning LAF window will operate between 11.30 AM and 12.30 PM. (PTI - India Today)
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