Mumbai (Maharashtra) [India], April 3 : The Reserve Bank of India (RBI) has revised timings for various financial markets to 10 am till 2 pm from April 7 to 17.
This has been done to minimise risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring the safety of personnel.
The RBI said that 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.
"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 thinning out of activity is impacting market liquidity and increasing volatility of financial prices," it said in a statement.
Hence the timings have been revised for call/notice/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, foreign currency/Indian rupee trades including forex derivatives, and rupee interest rate derivatives.
However, all regular banking services for customers including RTGS, NEFT, e-kuber and other retail payment systems will continue to be available as per extant timings, said RBI.
( With inputs from ANI )