RBI to remain open to facilitate transactions on July 1

Mumbai: Reserve Bank today said its offices will remain open on July 1 to facilitate public transactions and settlement of 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 has decided that it will remain open for public transactions on July 1, 2016," the central bank said in a statement.

Normally, the RBI remains closed for public transactions on July 1 every year on account of annual closing of accounts.

The Reserve Bank's accounting year runs from July 1 to June 30.

RBI said services such as real time gross settlement (RTGS), National Electronic Funds Transfer (NEFT), transfer of funds an settlement of securities will be available from 11 AM onwards.

Settlement of funds as well as securities for all transactions that settle on daily basis will also be effected from 11 AM onwards, it added.

Also, settlement of all outstanding transactions under the liquidity adjustment facility/marginal standing facility due for reversal will take place at 11 AM.

The LAF (Liquidity Adjustment Facility) repo window will operate between 11.30 AM and 3 PM. The 14 day term repo auction window will operate between 12.30-1 PM.