RBI revises market trading hours for Ram Temple inauguration day

Half day: The Reserve Bank of India on Friday has announced revised trading hours for markets regulated by it, in view of the half day announced by the Government on January 22.

Ahead of the Ram Temple consecration in Ayodhya on Monday, the Government has announced a half-day closure for public sector banks, insurance companies, financial institutions, and regional rural banks.

Instead of the usual trading hours from 9:30 am, the markets will open on Monday at 2.30 pm and close at 5 pm, as opposed to 3.30 pm on weekdays.

“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,” RBI stated.

The apex bank also announced that the exchange and deposit facility for Rs 2,000 banknotes will not be available on January 22.
The revised timings from 2.30 pm to 5 pm on Monday 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 including both central and state governments and treasury bills.

In terms of foreign currency (FCY)/Indian rupee (INR) trades including Forex Derivatives and Rupee Interest Rate Derivatives, these include the ones other than those traded on recognised stock exchanges.

The market hours will resume to the 9.30 am to 3.30 pm slab on January 23, a day after the consecration.

Notably, the time was revised to the ongoing window from 9.30 am to 3.30 pm on December 7, 2022.