Consequent to February 21, 2017 being declared as a Public Holiday in Mumbai by the Government of Maharashtra under Section 25 of the Negotiable Instruments Act, 1881, it has been decided to postpone the far leg settlement of the outstanding LAF operations (variable rate auctions) scheduled for February 21, 2017 (Tuesday) to February 22, 2017 (Wednesday). Accordingly, the additional interest due on account of the holiday will be considered on settlement of the LAF operations on February 22, 2017.

However, February 21, 2017 being a RTGS working Mumbai holiday, RBI will conduct the usual fixed rate Reverse Repo and MSF operations (as indicated in the press release dated February 17, 2016).

Ajit Prasad
Assistant Adviser

Press Release : 2016-2017/2214