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Money markets to be open on all Saturdays

The Reserve Bank of India has clarified that money markets in the country will function on all Saturdays although as per the latest government decision, banks will be closed on the second and fourth Saturdays with effect from 1 September. RBI also said forex market and government securities markets, along with all OTC derivative markets, would continue to remain closed on all Saturdays. However, payment systems including RTGS, NEFT and Cheque Clearing systems would not be operated on the second and fourth Saturdays. On other Saturdays, the payment systems would operate for the full day. Banking departments in regional offices of the RBI will remain open for the full day on working Saturdays to support the functioning of the financial markets and the payment systems. Government business will be transacted at agency banks on working Saturdays. Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under the RBI’s payment systems. The new system will be reviewed after a period of six months, RBI said.

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