New Delhi: On account of the Pran Pratishtha ceremony at the Ram Mandir, the Reserve Bank of India (RBI) has announced that money markets will remain closed on January 22.
This announcement came after the government of Maharashtra declared January 22, 2024 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881.
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, RBI said.
According to a RBI release, the settlement for all pending transactions would be deferred to the subsequent working day, according to a RBI release. The RBI also said the three-day variable rate repo (VRR) auction conducted on Friday with date of reversal Monday would now be reversed on January 23.
National Stock Exchange (NSE) also announced that equity and equity derivative segments will work normal hours on Saturday without DR movements, while it will be closed on January 22 (Monday).
"Members are requested to note that Exchange shall be conducting regular trading sessions on Saturday, January 20,2024 from primary site in Equity and Equity Derivatives segments as per regular market timings. Price bands applicable for Normal trading day shall continue to be remain applicable on January 20, 2024," said NSE in a statement.
On January 18, the ministry of finance issued an order declaring half day for public sector banks, insurance companies, financial institutions, and regional rural banks. The department of personnel and training also issued an order saying all central government offices, institutions, and industrial establishments will observe half day.
Notably, the grand temple event will be attended by Prime Minister Modi and Uttar Pradesh Chief Minister Yogi Aditynath among dozens other dignitaries. Businessman Mukesh Ambani, megastar Amitabh Bachchan and former cricketer Sachin Tendulkar are also among the 8,000 guests invited for the ceremony.
