MUMBAI: Stock exchanges, as well as money and foreign exchange markets, will be closed on Monday. Reliance Industries, too, declared a holiday to mark the consecration ceremony of the Ram Temple in Ayodhya, probably the first Indian conglomerate to do so. Both the stock exchanges will remain open for regular trading on Saturday.
RIL chairman Mukesh Ambani is expected to attend the temple ceremony. Others, however, are going by what state governments are mandating. For instance, Paytm said its Noida offices will remain closed because of the order by UP government. An Amazon spokesperson said: “The company will operate in full compliance with any directives issued by local authorities/ state governments.”
In Maharashtra, with state government declaring January 22 as a holiday under the Negotiable Instruments Act, all banks will be closed, which will affect trade in financial markets.
In other parts of the country, banks, insurance companies, financial institutions and regional rural banks will operate for half a day on Jan 22. In a statement issued here, RBI said that there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and rupee interest rate derivatives on Jan 22. According to RBI, the three-day variable rate repo auction conducted on Friday with date of reversal on Jan 22 will now be reversed on January 23.
