The Reserve Bank of India (RBI) today reduced the trading hours of debt as well as the currency markets in the wake of the lockdown due to the outbreak of coronavirus. However, the banking regulator clarified that all regular banking services for customers will continue to run as usual.
“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,” said RBI.
The revised market timings will come into effect during 7-17 April 2020, said the banking regulator in a circular on Friday.
The market shall open at 10 am instead of the current 9 am and close 2 pm for all segments.
“The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on the movement of people and non-essential activities, work from home arrangements and business continuity plans.
“In order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring the safety of personnel, it has been decided to revise trading hours for various markets,” said RBI in a statement.
“In the context of the efforts to limit the fallout of the coronavirus pandemic by avoiding social contact and visit to public places, public can use these modes of digital payment from the convenience of their homes through online channels like mobile banking, internet banking, cards, etc. and avoid using cash which may require going to crowded places for sending money or paying bills,” the RBI notification state