Ram Mandir: RBI Trims Market Trading Hours In Bonds, G-Sec, Commercial Papers On January 22; Check Details

On the auspicious occasion of the ceremony of Ram Lalla in Ayodhya, the Reserve Bank of India (RBI) has revised trading hours in various markets regulated instruments. This is due to the half-day announced by the government for central government employees and educational institutions including PSU Banks and others.

In a notification, RBI said, "Given the half-day closing on January 22, 2024 (Monday) announced by the Government of India, the trading hours for the various markets regulated by the Reserve Bank of India.

RBI is the government-backed monetary policymaker of India, and hence, the central bank will have a half day too. Due to this, RBI-managed market-related instruments will be impacted. Thereby, RBI has trimmed the trading hours for investors for the January 22nd trade.

On January 22nd, markets regulated by RBI will be available for trading from 2.30 PM to 5:00 PM. These markets are:

- Call/notice/term money
-Tri-party repo in Government Securities
-Market 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) Trades including Forex Derivatives
- Rupee Interest Rate Derivatives
- Other than those traded on recognised stock exchanges.

RBI said, "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."

On normal days, trading hours in these instruments are from 9.00 AM to 5.00 PM.

Notably, the trading hours for various markets regulated by the Reserve Bank were amended with effect from April 7, 2020, given the operational dislocations and elevated levels of health risks posed by COVID-19. Restoration of market hours in a phased manner was commenced with effect from November 09, 2020, with the easing of pandemic-related constraints, and the opening time for regulated market hours was restored to the pre-pandemic timing of 9:00 AM with effect from April 18, 2022.

On January 18, the Central Government announced a half-day closing till 2:30 pm on 22nd January 2024, at all Central Government offices, Central institutions & Central industrial establishments throughout India on the occasion of Ram Lalla Pran Pratishtha.

The Ministry of Personnel, Public Grievances & Pensions order said, that the Ram Lalla Pran Pratishtha at Ayodhya will be celebrated on 22nd January 2024 across India. 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 statement said it is also advised that all Ministries/Departments of the Government of India may bring the above decision to the notice of all concerned.

Prime Minister Narendra Modi along with other leaders and renowned figures will be attending the Prana Pratishtha, which began on January 16 and will continue to the consecration of Ram Lalla on January 22 in his birthplace, Ayodhya, a city on the banks of Sarayu River in the state of Uttar Pradesh.

Many states such as Uttar Pradesh, Haryana, Goa, Tripura, Chandigarh, and Madhya Pradesh have declared public holidays for government offices and educational institutions. However, private banks will remain open as January 22 is a working day as per RBI's guidelines.