RBI Extends Call Money Market Hours to 7 PM from July 1 – Here’s Why

Reserve Bank of India (RBI) on Wednesday announced the extension of trading hours for the interbank call money market by two hours, now running from 9:00 AM to 7:00 PM IST, effective July 1, 2025.

Extended Hours for Repo and Tri-Party Repo from August 1
Alongside the change in call market timings, the RBI has also extended trading hours for market repo and tri-party repo (TREP) transactions to 4:00 PM IST, starting August 1, 2025. The earlier cut-off time for both these segments was 2:30 PM.

Recommendation from RBI’s Expert Group
These decisions follow recommendations from a Working Group  which was constituted to review and optimize the trading and settlement timings of RBI-regulated financial markets. The group’s report, published earlier in May, was made available for public consultation before final implementation steps were taken.

"The Working Group provided recommendations aimed at facilitating further market development, price discovery, and optimization of liquidity requirements," the RBI said in its official press release.

The RBI added, “The Reserve Bank has examined the recommendations of the Committee as well as the feedback received and it has been decided to implement the following recommendations.”

No Change in G-Sec, FX and Derivatives Market Timings
While the central bank has moved forward with select changes, no modifications have been made to the trading hours of the government securities (G-sec) market, foreign exchange market, and interest rate derivatives market at this time.

“Other recommendations of the Working Group are under consideration and the decisions thereon will be taken in due course,” the RBI noted.
 

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What is the Call Money Market?
The call money market is a key component of India’s money market system, where banks and financial institutions borrow and lend funds on a short-term basis, often overnight. The extension in hours is expected to enhance liquidity management, improve price discovery, and align with evolving global financial market practices.