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Our Bureau

Mumbai , July 27

BANKS will remain closed in the rain-hit Maharashtra for the second day on Thursday as the State government declared holidays on Wednesday and Thursday under the Negotiable Instruments Act.

Consequently, there will be no transactions and settlements in Government securities and money markets on these two days. Settlement of all outstanding transactions will accordingly get postponed to July 29. Transactions under the liquidity adjustment facility conducted on Tuesday (July 26) will also be reversed on Friday (July 29).

The RBI said in a press release that its offices in Mumbai and Belapur will also remain closed on Thursday.

A dealer at a private bank said that there were one or two quotes were received on Wednesday morning for government securities transactions but they were stopped once RBI issued the release declaring bank holidays.

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