The Reserve Bank reduces money market time, including foreign currencies

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- All other regular banking services - RTGS, NEFT and other retail payment systems will continue to operate on a regular basis.

(Commerce Rep) Mumbai Ta 3 April 2020, Friday

The Reserve Bank of India has decided to reduce the working hours of the money market due to the corona epidemic. Accordingly, the working hours, including both these days, will be from 7am to 2pm, from 1st April to 5th (Tuesday) to 1st April (Friday). Accordingly, those markets which will run from 3am to 2pm in the morning include call / notice / term money, market reps in government securities, three-party repo government securities, commercial papers and certificates of deposits, repo in corporate securities, government securities (government securities). , State Development Loans and Treasury Bills), Foreign Currency (APCY) / Indian Rupee (IA) NR), including the Forex Forex Derivatives (excluding trading on valid stock markets), Rupee Interest Rate Derivatives (excluding trading on valid stock markets).

The unexpected calamity from the Corona virus epidemic has adversely affected the performance of financial markets due to the required lockdowns, social distancing, restrictions on people's movement, work from home and business continuity plans, the Reserve Bank of India said in a statement.

Employees and IT resources have had a big impact, leading to operational and logistical risks. Low activity has affected the liquidity of the market and the rise in financial prices. The Reserve Bank said the decision was taken to reduce these risks and ensure that market participants can have sufficient minimum agility and supervisory controls and reduce trading hours for the safety of the people.

All other regular banking services for customers, including RTGS, NEFT and other retail payment systems, will continue to operate on an hourly basis, the Reserve Bank of India has said.

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