The Reserve Bank of India said 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, 2024.
This comes in the wake of the Maharashtra Government declaring January 22, 2024 as a public holiday to observe “Shree Ram Lalla Pran Pratishtha Din” (Ram temple consecration) under Section 25 of the Negotiable Instruments Act, 1881.
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Settlement of all outstanding transactions will accordingly get postponed to the next working day — January 23, 2024, per a RBI statement.
The 3-day Variable Rate Repo (VRR) auction (which infused ₹50,007 crore liquidity into the banking system) conducted on Friday with date of reversal on January 22, 2024 will now be reversed on January 23, 2024.
The 3-day VRR auction for ₹1.25 lakh crore that was to be conducted on January 22 has been cancelled. Instead, a 2-day VRR auction for ₹1.25 lakh crore will be conducted on January 23, 2024.