New Delhi: The Reserve Bank of India (RBI) has announced a suspension of transactions and settlements in various markets on January 22, 2024. This decision comes in response to the Maharashtra government declaring a public holiday on that day due to the consecration ceremony of the Ram temple in Ayodhya.
The RBI has clarified that there will be no activity in government securities, foreign exchange, money markets, and rupee interest rate derivatives during this period. (Also Read: HDFC And Axis Bank Closed On January 22 For Ayodhya Ram Temple Event)
RBI Modified Earlier Announcement
In light of the public holiday, the RBI has modified its earlier announcement regarding trading hours for the day. The closure affects primary and secondary transactions in government securities, forex, money markets, and rupee interest rate derivatives. (Also Read: New Rules For NPS Withdrawals Coming Into Effect From February 1: Check What Changes It Brings)
The settlement of all outstanding transactions will be postponed to the next working day, January 23, 2024.
Finance Ministry’s Order
The finance ministry, aligning with the Maharashtra government’s decision, has issued an order stating that public sector banks, insurance companies, financial institutions, and regional rural banks will remain closed for a half-day on January 22. This measure is taken in consideration of the significant Ram temple consecration ceremony.
Nationwide Closure For Central Government Offices
Additionally, the Department of Personnel and Training has mandated a half-day closure on January 22 for all central government offices, central institutions, and central industrial establishments across the country. This decision is in line with the inauguration ceremony of the Ram temple in Ayodhya.