RBI adjusts money market opening to 2:30 pm for Ram Mandir

PTC News Desk: In light of the impending mega-consecration ceremony of the Ram Mandir in Ayodhya on January 22, the Reserve Bank of India (RBI) has issued a circular announcing revised trading hours for its regulated money markets. The central bank has made this adjustment in response to the Government of India's declaration of a half-day closing for the momentous Ram Mandir Pran Pratishtha day.

According to the circular released on Friday, the regular trading schedule, which usually commences at 9 am, will be altered on January 22. On this specific Monday, money markets will open later, at 2:30 pm, providing participants a unique window to engage in trading activities.

Acknowledging the impact of the Centre's half-day closing directive on the trading landscape, the RBI stated that the adjusted trading hours for its regulated markets will extend from 2:30 pm to 5 pm on January 22. This reduction in trading hours amounts to a noteworthy four to five-hour curtailment compared to the standard operational timeframe.

The RBI's proactive measure ensures alignment with the national observance of the Ram Mandir consecration, allowing market participants to plan their activities accordingly. This adjustment signifies the significance accorded to the cultural and religious events that hold a special place in the collective consciousness of the nation.

In response to the adjusted trading hours on January 22 due to the Ram Mandir consecration, the following money markets will be operational between 2:30 pm and 5 pm:

• 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)
  Foreign Currency (FCY)/Indian Rupee (INR)
  
  

As per the RBI circular, the settlement for the auction of Government of India dated securities held on January 19, 2024, is scheduled for January 22, 2024, after the resumption of market trading hours at 2:30 pm.

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Normal trading hours will be reinstated from January 23 onwards. This decision follows the Central government's announcement that all government-run offices will observe a half-day closure until 2:30 pm on January 22 for the Ram Mandir Pran Patishtha ceremony.

In response to the overwhelming sentiment of employees and their requests, the Central Government has declared a half-day closure at all Central Government offices, institutions, and industrial establishments across India on January 22, 2024, in honor of the Ram temple Pran Pratishtha ceremony, as stated in the government's official notification.

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(Inputs from agencies)

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