India’s forex kitty at $684.8 bn, gold reserves go up
However, gold reserves, which form part of the foreign exchange kitty, increased by $1.08 billion to $68.53 billion during the week, according to the central bank.
From Monday onwards, there will be an additional collateralised intra-day liquidity facility to enable smooth settlement of the National Electronic Funds Transfer (NEFT) payment system on a 24×7 basis, the Reserve Bank of India (RBI) said on Friday.
NEFT facility is used to electronically transfer funds from one account to another of banks which are members of this system.
“… In order to facilitate smooth settlement of NEFT transactions in the accounts of the member banks maintained with the Reserve Bank in a 24×7 environment, it has been decided to provide an additional collateralised intra-day liquidity facility, to be called Liquidity Support (LS),” RBI said in a notification.
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The notification further added, “The LS facility will be available for facilitating NEFT settlements on 24×7 basis. The LS facility will operate as per the same terms and conditions as the Intra-Day Liquidity (IDL) facility.”
(With input from agencies)
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