Sabke Ram: Are stock markets, banks closed today?

The public holiday declared by both the central government and various states has a cascading effect on financial institutions and markets.

Follow us:
Courtesy: IANS

As Ayodhya prepares for the historic consecration ceremony of the Ram temple, the event's significance goes beyond religious and cultural dimensions. The public holiday declared by both the central government and various states has a cascading effect on financial institutions and markets. Here's a comprehensive look at the status of stock markets, banks, and other financial entities on this momentous day.

Stock Markets Closure

Today, January 22, marks a public holiday in Maharashtra due to the Ram temple consecration ceremony. Consequently, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will remain closed. Market activities are scheduled to resume on Tuesday, allowing investors to react to any developments post the consecration.

In the previous trading session, the Nifty 50 closed down 0.23%, and the S&P BSE Sensex fell 0.4%, influenced by losses in information technology stocks and Hindustan Unilever.

Public Sector Banks Observing Half-Day Off

As per the Ministry of Finance's order issued on January 18, public sector banks and regional rural banks will observe a half-day off on January 22. This decision aligns with the Ram temple consecration ceremony, acknowledging the cultural and religious significance of the event.

Private Banks Closure in Uttar Pradesh

Major private sector banks, including HDFC Bank and Axis Bank, will remain closed in Uttar Pradesh. HDFC Bank, in particular, will observe a full-day closure not only in UP but also in Uttarakhand.

Closure of Money Markets by RBI

The Reserve Bank of India (RBI) announced the closure of money markets on Monday in light of the Pran Pratishtha ceremony at the Ram Mandir and the public holiday declared by the Maharashtra government. This closure affects transactions and settlements in government securities, foreign exchange, money markets, and Rupee Interest Rate Derivatives.

To accommodate the holiday, the 3-day variable rate repo auction is canceled, and a two-day VRR auction will be conducted on Tuesday. Additionally, the RBI mentioned an extra issue each of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) with a reversal on January 23, 2024.

RBI ₹2000 Banknote Exchange/Deposit Facility

Due to the half-day closure on Monday, the facility of exchange/deposit of ₹2000 banknotes will not be available at any of the 19 Issue Offices of the Reserve Bank of India. However, this service is expected to resume on Tuesday.
As Ayodhya witnesses the consecration of the Ram temple, the financial world temporarily pauses to honor the cultural and religious significance of this historic occasion.