The RBI on Tuesday witnessed a technical glitch in the facility that allows banks to either deploy surplus funds or borrow money from the central bank, market participants said.
Bank treasury executives said the central bank’s Automatic Sweep-In and Sweep-Out (ASISO) facility suffered an outage, as a result of which the funds parked with the central bank or borrowed from it did not reflect on banks’ books.
Consequently, the central bank did not publish its daily money market operations data at the usual time of 9 a.m. on Wednesday.
Sources aware of the development said the RBI was working to resolve the issue and would reconcile the outstanding lending or borrowing of banks keyed into the facility before the glitch occurred.
“There was a technical issue with the ASISO facility, and the RBI is managing the situation. From the perspective of the banking system, it does not pose major issues because the RBI will ensure that the relevant SDF (Standing Deposit Facility) or MSF (Marginal Standing Facility) bids banks placed are reconciled,” a banking source said.
An email sent to the RBI seeking comment on the matter did not receive a response by the time of publication. – Bhaskar Dutta.
