The Reserve Bank of India (RBI) announced that the Maharashtra government declared September 18, 2024, as a public holiday under Section 25 of the Negotiable Instruments Act, replacing the earlier holiday planned for September 16. As a result, there will be no settlements or transactions in government securities, foreign exchange, money markets, or rupee interest rate derivatives on September 18. These will now be processed on the next working day, September 19.
On September 16, originally slated as a holiday, the markets for government securities, forex, and money remained open, and transactions set for September 17 will be settled as scheduled. The settlement for Government of India Dated Securities auctioned on September 13 will also proceed on September 17 as planned. However, State Government securities auctioned on September 17 will now settle on September 19, instead of September 18.
The RBI also clarified that facilities such as the Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) availed on September 13, which were initially scheduled to reverse on September 17, will now be reversed on September 16. The SDF and MSF windows under the Liquidity Adjustment Facility (LAF) will remain available as per standard guidelines.
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