Reserve Bank to remain open on July 1 for public transactions

Reserve Bank of India (RBI) to remain open on July 1 for public transactions.

The Reserve Bank of India (RBI), the central banking institution of the country, has decided that it will remain open even for public transactions on July 1, 2014 – annual closing day of RBI. RBI-Reserve Bank of IndiaTo facilitate the settlement of market transactions, as also, to aid the transactions of the general public the RBI will remain open on 1 July 2014, RBI said in a statement.

Reserve Bank of India (RBI)’s accounting year is July to June. and generally RBI remains closed for public transactions every July 1 on account of its annual closing of accounts but this year they have decided against it as most of the closing work/activity done by computers.

However, on July 1, services such as RTGS/NEFT, transfer of funds and settlement of securities will be available from 12 noon onwards.

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