"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," the RBI said in a notification.

RBI Governor Raghuram Rajan, while announcing the second quarter monetary policy review earlier this week, had said the banks had expressed concerns about the difficulty of settling electronic funds transfers when the markets have closed.

"This new timing will help the banks greatly in their reserve management and help free up liquidity for the economy," Rajan had said.

Earlier this week, the RBI lowered the MSF rate for banks by 0.25 percent to 8.75 percent.

(Agencies)

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