Following the Ayodhya Ram temple ceremony, the Reserve Bank of India (RBI) has adjusted Monday's money market trading hours. Following the January 22 announcement of a half-day for all government agencies and institutions, the updated times have been released.
An RBI circular published on Friday states that on January 22, the money markets would open at 2.30 pm rather than 9 am. The Government of India's announcement of a half-day closure on January 22 has resulted in a reduction of about 4-5 hours in trading hours for the various markets regulated by the RBI.
The RBI stated in the circular that the trading hours for the markets under central bank regulation on Monday are 2.30 pm to 5 pm.
Between 2:30 and 5:00 pm, all of the RBI's regulated markets will be open for business. These include market repo in government securities, tri-party repo in government securities, commercial paper and certificate of deposits, FX derivatives, and more.
The RBI stated in its circular that the auction of Government of India dated securities, which was held on January 19, 2024, will be settled on January 22, 2024, following the start of market trading hours at 2:30 pm.
On January 23, the markets will open and close according to regular schedules. Notably, in response to Monday's Pran Pratishtha ceremony at Ayodhya Ram Mandir, a number of states, including Madhya Pradesh, Odisha, Haryana, Uttar Pradesh, and Maharashtra, have declared a half-day workday for January 22.
All public sector banks, insurance providers, financial institutions, and regional rural banks (RRBs) nationwide will be closed for a half-day on January 22 in observance of the occasion.
The Department of Personnel and Training (DoPT) issued the directive for the establishment of the central government.
India will celebrate the Ram Lalla Pran Pratishtha in Ayodhya on January 22. "To enable employees to participate in the celebrations, it has been decided that all central government offices, central institutions, and central industrial establishments throughout India will be closed for half a day till 1430 hours on 22nd January 2024," the directive from DOPT stated.
