Ram temple consecration: Money markets to remain shut for full day on January 22

The Reserve Bank of India (RBI) has announced that money markets will remain closed on January 22, on account of the Pran Pratishtha ceremony at the Ram Mandir.

The decision comes after the Maharashtra government declared January 22 a public holiday under Section 25 of the Negotiable Instruments Act, 1881. This update supersedes the previous RBI statement, which had said that money markets would be open from 2:30 pm to 5:00 pm on that day.

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“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.

Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., January 23, it added.

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The 3-day variable rate repo auction announced earlier in the day stands canceled and a two-day VRR auction will now be conducted on Jan. 23, the central bank added.

"...An extra issue each of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) with reversal on January 23, 2024 (Tuesday) is being made available," the RBI said.

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The markets will resume their normal timings from Jan. 23.

The 'Pran Pratishtha' of the Ram Lalla idol at the sanctum sanctorum of the Ram temple is scheduled for Monday. The ceremony is set to be performed by Prime Minister Narendra Modi.