RBI temporarily revises trading hours in money markets amid COVID-19 lockdown

Amid nationwide coronavirus lockdown for containment efforts of viral disease, Reserve Bank of India on Friday tified changes in tring hours in money markets to just to prevailing situation. Tring hours in corporate and government bonds as well as that of currency markets have been revised to 10 am-2 pm which will kick into effect from Tuesday, April 7 and will continue till April 17.

central bank ted that necessitated lockdown due to COVID-19 outbreak has resulted in staff and IT resources to be severely affected, posing operation and logistic risks.

" thining out of activity is impacting market liquidity and increasing volatility in financial prices," RBI stated, ding that in order to minimize se risks and to ensure that market participants maintain equate checks and supervisory control, revision of tring hours has been considered.

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Markets who's timings have changed to 10 am to 2 pm:

• Call/tice/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)
• Tres including Forex Derivatives (or than those tred on recognised stock exchanges)
• Rupee Interest Rate Derivatives (or than those tred on recognised stock exchanges)

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changes in RTGS, NEFT timings

RBI however maintained that all banking services for customers, including RTGS (Real Time Gross Settlement), NEFT (National Electronic Funds Transfer), e-Kuber and or retail payments systems will continue to be available as per extant timings. Various commercial banks have recently recommended ir customers to use digital payment modes to avoid visiting a bank branch in line with social distancing rms in place to prevent spre of COVID-19.

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(PTI Photo)