Current · Source: Reserve Bank of India · RBI/2013-14/351 · issued 31 Oct 2013 · ~1 min read
Quick answerRBI has moved the Marginal Standing Facility (MSF) window to 7:00 PM–7:30 PM from the earlier 4:45 PM–5:15 PM, effective November 5, 2013. All other MSF terms remain unchanged.
The rule, in the simplest words
Starting November 5, 2013, banks can borrow emergency money from RBI between 7:00 PM and 7:30 PM instead of 4:45 PM to 5:15 PM.
This new time slot is called the Marginal Standing Facility (MSF) window, which is like a special late-evening borrowing option for banks.
All other rules about MSF—like how much interest to pay, what to give as security (government bonds), and who can use it—stay exactly the same.
How it plays out — a real example
A branch operations officer in Indore, Priya, works in her bank's treasury team. On November 5, 2013, she updates her daily checklist to remind the dealing room that the MSF window now opens at 7:00 PM instead of 4:45 PM. That evening, when a sudden cash shortage hits at 6:30 PM, she calmly uses the new later slot to borrow emergency funds from RBI, ensuring the bank meets its end-of-day payment obligations without any stress.
What changed
The daily operational window for MSF has been rescheduled to 7:00 PM–7:30 PM, replacing the previous 4:45 PM–5:15 PM slot. This change, announced in the Second Quarter Review of Monetary Policy 2013-14, takes effect from November 5, 2013.
What it means for you
Banks now have a later evening window to access emergency liquidity from RBI against government securities. This aligns MSF timing with the extended market hours and gives treasuries more flexibility to manage end-of-day liquidity mismatches. No other MSF terms—such as rate, collateral, or eligibility—have been altered.
What you must do
Update your treasury's MSF operational schedule to reflect the new 7:00 PM–7:30 PM window from November 5, 2013.
Inform dealing rooms and back-office teams about the revised cut-off timings for MSF applications.
Review your liquidity contingency plans to leverage the later window for end-of-day funding needs.
Who it affects
All Scheduled Commercial Banks (excluding RRBs), Treasury and dealing room teams, Liquidity and risk management departments
❓ Common questions
Regulatory timeline
Stated effective dateeffective November 5, 2013
Decoded by BankPulse2026-06-18 12:02 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Why did RBI shift the MSF timing to 7:00 PM–7:30 PM?
The change was announced in the Second Quarter Review of Monetary Policy 2013-14 to better align with extended market hours and provide banks a later window for emergency liquidity management.
Are there any changes to the MSF rate or other terms?
No. All other terms and conditions of the MSF scheme remain unchanged—only the daily operational timing has been revised.
When does the new timing take effect?
The revised timing is effective from November 5, 2013.
📜 Read the original circular — full text as issued by RBI
RBI/2013-14/351
FMD.MOAG. No. 93/01.18.001/2013-14
October 31, 2013
All Scheduled Commercial Banks (excluding RRBs)
Madam / Sir,
Marginal Standing Facility-Revision in timings
As announced in the Second Quarter Review of the Monetary Policy 2013-14 on October 29, 2013, it has been decided to revise the timings of Marginal Standing Facility (MSF). The MSF will now be available between 7.00 pm and 7.30 pm instead of the existing timings of 4.45 pm to 5.15 pm. The change in timings will take effect from November 5, 2013 .
2. All other terms and conditions of the current MSF scheme will remain unchanged.
Yours sincerely
(G. Mahalingam)
Principal Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2013-14/351 · issued 31 Oct 2013. The plain-English explanation above is BankPulse’s own independent summary.
Inform dealing rooms and back-office teams about the revised cut-off timings for MSF applications.
📜 Compliance
Update your treasury's MSF operational schedule to reflect the new 7:00 PM–7:30 PM window from November 5, 2013.
Review your liquidity contingency plans to leverage the later window for end-of-day funding needs.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (All Scheduled Commercial Banks (excluding RRBs), Treasury and dealing room teams, Liquidity and risk management departments), your first concrete step on “MSF Window Timings Shifted to Evening Slot” is: “Update your treasury's MSF operational schedule to reflect the new 7:00 PM–7:30 PM window from November 5, 2013.” (RBI issued this 31 Oct 2013).
Circular: RBI/2013-14/351 -- MSF Window Timings Shifted to Evening Slot
Issued: 31 Oct 2013
Action required: Update your treasury's MSF operational schedule to reflect the new 7:00 PM–7:30 PM window from November 5, 2013.
Action required: Inform dealing rooms and back-office teams about the revised cut-off timings for MSF applications.
Action required: Review your liquidity contingency plans to leverage the later window for end-of-day funding needs.
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=8545&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.
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