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
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.