New Delhi | Jagran Business Desk: In wake of the 21-day lockdown in the country, the Reserve Bank of India (RBI) on Friday revised the timings for the money markets instruments from 10 am to 2 pm.
In a press release, the central bank said that new timings will come into force from April 7, 2020 and will continue up to April 17, 2020.
Following are the markets in which the trading time has been changed by the RBI:
- Call/notice/term money
- Market repo in government securities
- Tri-party repo in government securities
- Commercial paper and Certificates of Deposit
- Repo in Corporate Bonds
- Government Securities (Central Government Securities, State Development Loans and Treasury Bills)
- Foreign Currency (FCY)/Indian Rupee (INR)
- Trades including Forex Derivatives
- Rupee Interest Rate Derivatives
The central bank said that the decision has been taken because the coronavirus pandemic has adversely affected the functioning of the financial markets. The RBI, however, said that all regular banking services for customers, including RTGS, NEFT and other retail payments systems will continue to be available as per extant timings.
It further said that the coronavirus outbreak has led to necessitated lockdown, social distancing and restriction on movement of people and non-essential activities in the country.
"The thinning out of activity is impacting market liquidity and increasing volatility of financial prices. In order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring safety of personnel, it has been decided to revise trading hours," the RBI said.
In order to control the coronavirus outbreak, the government had imposed a 21-day lockdown in the country and urged people to practice social distancing to break the chain of the infection.
Posted By: Aalok Sensharma
