Ayodhya is poised for the momentous occasion of Ram temple consecration, with Prime Minister Narendra Modi scheduled to participate on Monday. On account of this, both the central government and several states have declared a holiday, thus several financial institutions remain shut.

Ayodhya: Ram Mandir being decorated with flowers on the eve of its consecration ceremony, in Ayodhya, Sunday, Jan. 21, 2024. (PTI)

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Are stock markets closed today?

On Monday, January 22, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed due to a public holiday declared in Maharashtra for the Ram temple consecration ceremony.

Market activities are set to resume on Tuesday. In the previous trading session, the Nifty 50 closed down 0.23 per cent at 21,571, while the S&P BSE Sensex fell 0.4 per cent to 71,423.65, influenced by losses in information technology stocks and Hindustan Unilever.

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Public sector banks to remain closed

Public sector banks and regional rural banks, as per the Ministry of Finance’s order issued on January 18, will observe a half-day off on January 22 for the Ram temple consecration ceremony.

Are private banks open today?

Major private sector banks such as HDFC Bank and Axis Bank will remain closed in Uttar Pradesh, with HDFC Bank observing a full-day closure in UP and Uttarakhand.

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Are money markets closed?

The Reserve Bank of India (RBI) announced the closure of money markets on Monday due to the Pran Pratishtha ceremony at the Ram Mandir. This decision follows the Maharashtra government’s declaration of January 22 as a public holiday. All transactions and settlements in government securities, foreign exchange, money markets, and Rupee Interest Rate Derivatives on this day will be postponed until Tuesday.

The 3-day variable rate repo auction scheduled earlier is cancelled, and a two-day VRR auction will be conducted on Tuesday. The RBI also mentioned an extra issue each of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) with reversal on January 23, 2024.

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RBI 2000 Banknote Exchange/Deposit facility

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 due to the half-day closure. This service is expected to resume on Tuesday.

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