In response to the half-day closing announced by the Government of India on January 22, 2024, due to the consecration ceremony of the Ram Temple in Ayodhya, the Reserve Bank of India (RBI) has modified the trading schedule for various markets it regulates. According to an official release on Friday, the money market, repo market, government securities market, and foreign exchange market will operate on a revised schedule from 2:30 pm to 5:00 pm on Monday.
The move is intended to accommodate the special circumstances surrounding the ‘pran prathishtha’ ceremony, a grand event that has prompted several states, including Uttar Pradesh, Madhya Pradesh, Goa, Chhattisgarh, and Haryana, to declare January 22 as a public holiday. The ceremony is expected to be attended by dignitaries from across the country, and elaborate arrangements are being made to mark the occasion.
As part of the adjusted trading hours, the settlement for the auction of Government of India dated securities, conducted on January 19, 2024, will take place on January 22, 2024, starting at 2:30 pm when the market trading hours commence. The regular trading hours for the central bank-regulated markets are set to be restored from January 23, 2024.
The Department of Personnel and Training has issued an order for a half-day closure for central government establishments on Monday, January 22. Public sector banks, insurance companies, financial institutions, and regional rural banks (RRBs) across the country will also remain closed for half a day in observance of the special ceremony.
In addition to the adjusted trading hours, the RBI has informed that the facility of exchanging/depositing Rs 2,000 banknotes will not be available on Monday, January 22, 2024, at any of the 19 Issue Offices of the central bank due to the half-day closure announced by the Government of India. The facility is expected to resume on Tuesday, January 23.
This temporary adjustment in trading hours highlights the RBI’s commitment to ensuring smooth market operations while accommodating special events of national significance.