The Reserve Bank of India (RBI) has announced a change in the trading hours for money markets on January 22 due to a half-day holiday declared by the government in connection with the consecration of the Ram temple in Ayodhya. On that day, money markets will open at 2:30 pm instead of the usual 9 am.
The RBI, in a circular, stated that in light of the half-day closing announced by the Government of India, the trading hours for various markets regulated by the Reserve Bank of India will be truncated. Specifically, the trading hours for the central bank-regulated markets will be from 2:30 pm to 5 pm on Monday, January 22. This adjustment is in line with the government's decision to observe a half-day holiday for the mentioned event.
The central bank-regulated markets include call/notice/term money, market repo in government securities, tri-party repo in government securities, commercial paper and Certificates of Deposit, repo in corporate bonds, government securities (Central Government Securities, State Government Securities, and Treasury Bills), and foreign currency (FCY)/Indian rupee (INR).
The RBI said that the settlement of the auction of Government of India-dated securities conducted on January 19, 2024, will take place on January 22, 2024, after the commencement of market trading hours at 2:30 pm. Regular trading hours for these instruments will be reinstated on January 23.
In line with this, the Department of Personnel and Training has ordered a half-day closure for central government establishments on Monday. Public sector banks, insurance companies, financial institutions, and regional rural banks (RRBs) nationwide will also remain closed for half a day on January 22.
In another circular, the RBI announced that the facility of exchanging or depositing Rs 2,000 banknotes will not be available on Monday, January 22, 2024, at any of the 19 issue offices of the central bank due to the half-day closure announced by the Government of India. This facility will resume on Tuesday, January 23.
(With PTI inputs)
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