In view of the COVID-19 outbreak, the Reserve Bank of India has notified a change in market timings. Beginning April 7th, markets dealing with government securities, call/notice/term money, corporate bonds, foreign currency, Indian Rupee Trades, commercial paper and Certificates of Deposit will be working from 10 AM to 2 PM.
In a press release issued from Mumbai today, RBI has said that lockdowns, social distancing, restrictions on movement of staff, work from home arrangements and business continuity plans is posing operational and logistic risks. It further said that thinning out of activity is impacting market liquidity and increasing volatility of financial prices.
RBI has said that these revised timings will remain in effect till 17th April. The apex bank has clarified 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. It may also be noted that timing for equity markets has not be revised. (AIR)