The Reserve Bank of India said that it has decided that it will remain open for public transactions on July 1, 2016 in order to facilitate the settlement of market transactions and to aid the transactions of the general public.
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.
- In view of the annual closing of its books of account, however, on July 1, 2016-services, such as, RTGS/NEFT, transfer of funds and settlement of securities will be available from 11.00 a.m. onwards;
- Settlement of funds as well as securities for all transactions that settle on T+0 basis will be effected from 11.00 a.m. onwards;
- 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 11.00 a.m. on that day;
- The LAF Repo window will operate between 11.30 a.m. and 3 p.m.; and
- The 14 day Term repo auction window will operate between 12.30 p.m. and 1.00 p.m.