Monday's money market trading hours have been adjusted by the Reserve Bank of India (RBI) following the Ram temple celebration in Ayodhya. Since January 22, when all government offices and institutions were declared to be closed, the updated times have been released. An RBI circular published on Friday states that on January 22, the money markets would open at 2.30 pm rather than 9 am. The Government of India's announcement of a half-day closure on January 22 has resulted in a reduction of about 4-5 hours in trading hours for the various markets regulated by the RBI.
All of the markets that the RBI regulates will be open from 2:30 pm to 5:00 pm. These markets include market repo in government securities, tri-party repo in government securities, commercial paper and certificate of deposits, forex derivatives, and more. On January 23, the markets will open and close according to regular schedules. Notably, in response to Monday's Pran Pratishtha ceremony at Ayodhya Ram Mandir, a number of states, including Madhya Pradesh, Odisha, Haryana, Uttar Pradesh, and Maharashtra, have declared a half-day workday for January 22.
In observance of the event, all public sector banks, insurance providers, financial institutions, and regional rural banks (RRBs) nationwide will be closed for a half-day on January 22. For central government establishment, the Department of Personnel and Training (DoPT) issued the directive. On January 22, people all around India will celebrate the Ram Lalla Pran Pratishtha in Ayodhya. "To enable employees to participate in the celebrations, it has been decided that all central government offices, central institutions, and central industrial establishments throughout India will be closed for half a day till 1430 hours on 22nd January 2024," the directive issued by DOPT stated.
In honor of the Pran Pratishta ceremony of the Ram Lalla idol at the Ayodhya Ram Temple on January 22, all central government offices will be closed for a half-day, according to a Thursday announcement from the Department of Personnel and Training.