The Reserve Bank of India (RBI) has announced a significant extension in trading hours for key money market segments, aiming to enhance liquidity management and price discovery across the financial system. The revised timings will come into effect in two phases, starting July 1, 2025.
New Trading Hours for Call Money and Repo Markets
- Call Money Market: Trading hours extended from 5:00 PM to 7:00 PM, effective July 1, 2025. New timings: 9:00 AM to 7:00 PM.
- Market Repo and Tri-Party Repo (TREPs): Trading hours extended from 2:30 PM to 4:00 PM, effective August 1, 2025. New timings: 9:00 AM to 4:00 PM.
The move follows recommendations from a Working Group chaired by RBI Executive Director Radha Shyam Ratho, which conducted a comprehensive review of trading and settlement timings across RBI-regulated markets.
Why the Change?
The RBI stated that the extension is designed to:
- Improve liquidity management in the overnight money market
- Facilitate better price discovery
- Support real-time payment systems, which now operate 24×7
- Reduce reliance on RBI’s Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) windows
No Change for Other Markets
Trading hours for government securities, foreign exchange, and interest rate derivatives remain unchanged for now. However, the RBI noted that other recommendations from the Working Group are under review and may be implemented in due course.
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