The Reserve Bank of India (RBI) on Friday said that the money markets will not operate on Monday, January 22. The announcement came after the Maharashtra government declared a public holiday for the Ram Mandir consecration ceremony on Monday.
"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)," the RBI said in a statement. "Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., January 23, 2024 (Tuesday)."
Earlier in the day, the RBI issued a notice stating that the trading hours for money markets will be from 2:30 pm to 5 pm on January 22. This move was prompted by the Centre's notice that all Central government offices will work half day on Monday on the occasion of the Ram Mandir Pran Pratishtha.
Maharashtra government declared public holiday for January 22
On Friday, the Maharashtra government said that Monday will be a public holiday in the state. Maharashtra is home to the National Stock Exchange and Bombay Stock Exchange.
The announcement follows similar decisions by the governments of Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Haryana and Goa, all of which have also declared January 22 as a public holiday.