RBI to remain open on July 1 for public transactions

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RBI to remain open on July 1 for public transactions

The Reserve Bank of India has decided that it will remain open even for public transactions on July 1, 2014. This is to facilitate the settlement of market transactions, as also, to aid the transactions of the general public, RBI said.

Normally, the Reserve Bank 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.

However, 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 12 noon onwards.

In addition, settlement of all outstanding transactions under the Reserve Bank's liquidity adjustment facility (LAF) / marginal standing facility (MSF) due for reversal will also take place at 12 noon on that day and the morning LAF window will operate between 12.30 p.m. and 1.30 p.m, RBI said in a notification.

Source >>

http://www.thehindubusinessline.com/economy/rbi-to-remain-open-on-july-1-for-public-transactions/article6155061.ece

Thanking you

Regards,

Rajesh Kumar Kathpalia ¤ SMC Global
17,Netaji Subhash Marg,Daryaganj,
New Delhi-110002 Mobile No 9891645052
Email Id: rajesh.ipo@smcindiaonline.com


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