The Reserve Bank’s accounting year is July to June.
Hence, the Reserve Bank remains closed for public transactions every July 1 on account of its annual closing of accounts
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 for public transactions on July 1, 2015..
In view of the annual closing of its books of account, however, on July 1, 2015–
- · 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; and
- · the morning LAF window will operate between 11.30 a.m. and 12.30 p.m.
IMPS transactions will be on 24*7 without any interruption.
As Reserve Bank of India has informed the above RTGS/NEFT timings on 29th June itself, general public and banking fraternity have had ample time to prepare for the same.