Current · Source: Reserve Bank of India · RBI/2011-2012/149 · issued 09 Aug 2011 · ~1 min read
Quick answerFrom August 16, 2011, LAF Reverse Repo auctions and MSF operations move to 4:30-5:00 PM (Mumbai working days, excluding Saturdays). LAF Repo auctions remain at 9:30-10:30 AM. All other terms unchanged.
The rule, in the simplest words
From August 16, 2011, banks can give extra cash to RBI (Reverse Repo) or borrow emergency money (MSF) only in the evening, from 4:30 to 5:00 PM.
The morning slot (9:30-10:30 AM) is only for banks to borrow from RBI (Repo), not for giving cash.
This change happens on all Mumbai working days except Saturdays.
All other rules for these schemes stay the same.
How it plays out — a real example
A branch operations officer in Indore, Priya, used to handle both borrowing and lending with RBI in the morning. Now, after August 16, 2011, she tells her team to submit bids for parking extra cash (Reverse Repo) or getting emergency funds (MSF) only between 4:30 and 5:00 PM, while morning is just for borrowing (Repo). This helps her plan end-of-day cash better.
What changed
Previously, LAF Reverse Repo auctions were held alongside Repo auctions from 9:30-10:30 AM, and MSF was available from 3:30-4:30 PM. The new schedule shifts Reverse Repo and MSF to a single evening window from 4:30-5:00 PM, effective August 16, 2011. LAF Repo auctions continue unchanged in the morning slot.
What it means for you
Banks now have a consolidated evening window for parking excess liquidity (Reverse Repo) and accessing emergency funds (MSF), which may improve end-of-day cash management. The separation of Repo and Reverse Repo timings could reduce intraday confusion and align liquidity operations with market close. No changes to other terms or conditions of LAF and MSF schemes.
What you must do
Update internal treasury systems and cut-off times for LAF Reverse Repo and MSF bids to 4:30-5:00 PM from August 16, 2011.
Communicate the new timing to dealing rooms and back-office teams handling liquidity operations.
Ensure morning LAF Repo auction processes remain unchanged at 9:30-10:30 AM.
Review end-of-day liquidity forecasting to leverage the consolidated evening window.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Primary Dealers, Treasury and liquidity management teams
❓ Common questions
Regulatory timeline
Stated effective dateeffective August 16, 2011
Decoded by BankPulse2026-06-18 23:47 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Why did RBI shift Reverse Repo and MSF to the evening?
The circular does not specify reasons, but the change likely aims to streamline end-of-day liquidity management and reduce overlap with morning Repo auctions.
Are there any changes to the terms of LAF or MSF schemes?
No. All other terms and conditions of the current LAF and MSF schemes remain unchanged as per the notification.
Does this affect Saturdays or non-Mumbai working days?
The new timing applies only on all working days in Mumbai, excluding Saturdays, consistent with the previous schedule.
📜 Read the original circular — full text as issued by RBI
RBI/2011-2012/149
FMD.MOAG. No.62/01.01.01/2011-12
August 9, 2011
All Scheduled Commercial Banks (excluding RRBs) and Primary Dealers
Dear Sir,
Reverse Repo Window under Liquidity Adjustment Facility
and Marginal Standing Facility – Change of Timing
Presently, Repo and Reverse Repo auctions under Liquidity Adjustment Facility (LAF) are conducted between 9.30 am and 10.30 am and the Marginal Standing Facility (MSF) is available between 3.30 pm and 4.30 pm on all working days in Mumbai, except Saturdays.
2. It has been decided to conduct Reverse Repo auctions under LAF and MSF operations between 4.30 pm and 5.00 pm on all working days in Mumbai (excluding Saturdays) with effect from August 16, 2011. Repo auctions under LAF will continue to be conducted between 9.30 am and 10.30 am.
3. All other terms and conditions of the current LAF and MSF Schemes will remain unchanged.
4. Please acknowledge receipt.
Yours sincerely
(G Mahalingam)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2011-2012/149 · issued 09 Aug 2011. The plain-English explanation above is BankPulse’s own independent summary.
Communicate the new timing to dealing rooms and back-office teams handling liquidity operations.
💻 IT / Systems
Update internal treasury systems and cut-off times for LAF Reverse Repo and MSF bids to 4:30-5:00 PM from August 16, 2011.
📜 Compliance
Ensure morning LAF Repo auction processes remain unchanged at 9:30-10:30 AM.
Review end-of-day liquidity forecasting to leverage the consolidated evening window.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are an IT/Systems lead at a bank this circular applies to (All Scheduled Commercial Banks (excluding RRBs), Primary Dealers, Treasury and liquidity management teams), your first concrete step on “LAF Reverse Repo and MSF Timing Shift to Evening” is: “Update internal treasury systems and cut-off times for LAF Reverse Repo and MSF bids to 4:30-5:00 PM from August 16, 2011.” (RBI issued this 09 Aug 2011).
Circular: RBI/2011-2012/149 -- LAF Reverse Repo and MSF Timing Shift to Evening
Issued: 09 Aug 2011
Action required: Update internal treasury systems and cut-off times for LAF Reverse Repo and MSF bids to 4:30-5:00 PM from August 16, 2011.
Action required: Communicate the new timing to dealing rooms and back-office teams handling liquidity operations.
Action required: Ensure morning LAF Repo auction processes remain unchanged at 9:30-10:30 AM.
Action required: Review end-of-day liquidity forecasting to leverage the consolidated evening window.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6665&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
Help us keep this accurate
Found an inaccuracy or have an improvement? Tell us. Every report is reviewed by our team before any change is made — nothing goes live unverified.
Public beta — plain-English informational summaries. Always verify against the official RBI source (circular number cited on every page) before making compliance, credit, treasury, audit, or operational decisions. · Join our WhatsApp channel ↗
BANKPULSE · FREE DAILY BRIEF
Get RBI updates for your role
Every important RBI update, decoded in plain English — for your career, exams & financial awareness.
We collect only your email, name and role, used solely to send your brief — never sold or shared. Withdraw anytime via the unsubscribe link in any email. Independent platform, not affiliated with the RBI. Information, not legal advice.
REPORT AN ERROR · BETA
Spotted an error? Earn 500 BankPulse Credits
Help us stay accurate. If your correction is verified true and approved by our founder, you earn 500 BankPulse Credits — redeemable when the platform monetises.
Reviewed by a human before any credit is awarded. We never change the site from crowd input without verification.
WANT A NEW FEATURE · BETA
What would make BankPulse more useful for you?
Tell us what to build next — a tool, a data view, a role page, anything. We read every suggestion.
Thank you — your ideas directly shape what we build.