Live
- Six Useful Strategies to Control Your Heart During the Pollution Season
- Phalodi Satta Bazar Predicts Close Race in Maharashtra Assembly Election 2024
- Federer Pays Heartfelt Tribute to Nadal Ahead of His Retirement: "An Epic Career"
- Odisha holds successful mega investors roadshow in Singapore
- PGTI Tour: Top stars to fight for honours in Servo Masters Golf
- SC upholds termination of LIC employee for absenting himself without intimation
- ‘Stone me or shoot me, won’t spare anyone,’ says Anil Deshmukh after discharge
- Siddaramaiah, Shivakumar turning Karnataka into Pakistan: K’taka BJP
- Zimbabwe records 70 suspected cholera cases, one death amid new outbreak
- Babri demolition day: No Assembly proceedings in Bengal on Dec 6
RBI To Remain Open On July 1 To Facilitate Transactions
The Reserve Bank will remain open on July 1 for services such as transfer of funds through NEFT and RTGS from 11 AM onwards.RBI follows a July to June accounting year and June 30 being the closing date of the year, the office generally remains closed on July 1 every year.
The Reserve Bank will remain open on July 1 for services such as transfer of funds through NEFT and RTGS from 11 AM onwards.RBI follows a July to June accounting year and June 30 being the closing date of the year, the office generally remains closed on July 1 every year.
The central bank said July 1 being a working Saturday, it has decided to remain open on that day.Services such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) for sending funds and settlement of securities will be available from 11 AM onwards.
Settlement of funds as well as securities for all transactions that settle on T+0 basis will be effected from 11 AM onwards, it said in a release.
The liquidity adjustment facility (LAF) fixed rate repo window will be operated between 11.30 AM and 3 PM, it said further.
There will be no change in the timings of fixed rate reverse repo and marginal standing facility (MSF), RBI said.
Normally, NEFT operates in hourly batches in which there are 12 settlements from 8 AM to 7 PM on weekdays and six settlements from 8 AM to 1 PM on Saturdays.
And any transaction initiated after a designated settlement time have to wait till the next designated settlement time.
RTGS transactions, On the other hand, are processed continuously throughout the RTGS business hours. It is mainly for bulk transaction with a minimum remittance amount of Rs. 2 lakh. There is no upper cap though.
