Published On: Fri, Jan 19th, 2024

Money markets to remain shut on January 22: RBI

Mumbai: The Reserve Bank of India (RBI) on Friday announced that no transactions and settlements will take place in the money markets on January 22 in view of the mega Ram Mandir consecration ceremony in Ayodhya.

The central bank said that money markets will remain closed on January 22

Following the half-day closing announced by the Government of India and Maharashtra announcing a public holiday, the central bank said that money markets will remain closed on January 22.

“Government of Maharashtra has declared January 22, 2024 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. Accordingly, and in modification of the press release 2023-2024/1710 issued earlier today on “Market Trading Hours on January 22, 2024”, there will be no transactions and settlements in Government securities (primary and secondary), foreign exchange, money markets and Rupee Interest Rate Derivatives on January 22, 2024 (Monday),” RBI said in an updated release.

Earlier in the day, RBI released a statement which stated that all money markets regulated by it would be open at 2.30 pm instead of 9 am on January 22 (Monday). However, a full-day holiday was announced later following Maharashtra government’s public holiday declaration on January 22.

The decision comes a day after Central government announced that all government-run offices will be closed for half a day, till 2:30 pm on January 22, for the Ram Mandir Pran Patishtha ceremony.

“Due to the overwhelming sentiment of the employees and requests from them, Central Government announces a half-day closing till 2:30 pm on January 22, 2024, at all Central Government offices, Central institutions, and Central industrial establishments throughout India on the occasion of the Ram temple Pran Pratishtha ceremony,” the government’s notification read.

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