RBI to remain open on July 1 unlike previous practice

The RBI will remain open for banking transactions on July 1, departing from its regular practice of no same-day interbank settlement on its annual accounts closing day, it said in a release on Friday.

On July 1, the Reserve Bank of India will start its real time gross settlement operation from 1200 hours (0630 GMT) and funds will be settled on T+0 basis from noon onwards.

The RBI will operate its Liquidity Adjustment Facility (LAF) window between 12:30 and 1:30 local time.

Settlement of Marginal Standing Facility (MSF) and LAF transactions due for reversal will be at 1200 hours on July 1.