Till last year, RTGS/NEFT were closed on July 1, 2014 as RBI was closed for public transactions on account of its annual closing of accounts.
It may be noted that RBIs accounting year is July to June.
This year as a departure from the norm, RBI will work on July 1, 2014 to facilitate Public Transactions.
This is aid the settlement of market transactions, as also, to aid the transactions of the general public and also: –
- Services, such as, RTGS/NEFT, transfer of funds and settlement of securities will be available from 12:00 noon onwards;
- Settlement of funds as well as securities for all transactions that settle on T+0 basis will be effected from 12:00 noon 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 12.00 noon on that day;
- The morning LAF window will operate between 12.30 p.m. and 1.30 p.m.
ePayment participants have sufficient lead time, to now plan for their transactions on July1,2014