RBI to work on July 1 during annual closing of accounts

Mumbai, 27 June-2014(PTI): The Reserve Bank of India will be open on July 1, during its annual closing of accounts, to facilitate settlement of market and public transactions.

RBI to work on July 1 during annual closing of accounts

Reserve Bank of India. File photo- DC

“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 central bank said in a statement on its website.

Normally, the RBI is closed for public transactions every July 1 because of its annual closing of accounts. The RBI’s accounting year is from July to June. In view of the annual closing of its books of accounts, services such as RTGS/NEFT, transfer of funds and settlement of securities will be available from 12 noon, the RBI said.

Settlement of funds as well as securities for all transactions that settle on T+0 basis and settlement of all outstanding transactions under RBI’s liquidity adjustment facility (LAF) and marginal standing facility (MSF) due for reversal will be done after 12 noon. The morning LAF window will operate between 12.30 p.m. and 1.30 p.m., it said.