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Tuesday, June 02, 2020

RBI reduces trade timing for currency and debt markets

The revised timings come will come into effect from April 7 up to April 17, the Reserve Bank of India (RBI) said in a press release.

By: Express Web Desk | New Delhi | Updated: April 3, 2020 5:16:55 pm
RBI growth rate, rbi repo rate, RBI rate cut, RBI monetary policy, reserve bank of India, express opinion, indian express The Reserve Bank of India (RBI). (File photo)

Amid the ongoing lockdown across the country, the Reserve Bank of India (RBI) on Friday reduced the trading hours for currency and debt markets from 10 am to 2 pm. The revised timings will come into effect from April 7 up to April 17, the central bank said in a press release.

In the statement, the RBI said that the thinning out of activity is impacting market liquidity and increasing volatility of financial prices. It also said that the unprecedented situation created by the outbreak of coronavirus (COVID-19) has necessitated lockdowns, social distancing, restrictions on the movement of people and non-essential activities, work from home arrangements and business continuity plans.

“The resultant dislocations have adversely impacted the functioning of financial markets. Staff and IT resources have been severely affected, posing operational and logistic risks,” the central bank said in its statement.

The RBI in a bid to minimise these risks and ensure that the market participants maintain their adequate checks and supervisory controls while optimising thin resources and ensuring the safety of the personnel decided to revise trading hours for various markets as under:

Source: Reserve Bank of India (RBI).

Apart from these timings, the RBI announced that all regular banking services for customers, including RTGS, NEFT, e-kuber and other retail payments systems will continue to be available as per extant timings.

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