RBI Announces Public Holiday Change: No Trading in Govt Securities, Forex, or Money Markets on September 18, 2024

The Reserve Bank of India (RBI) has announced that there will be no trading in government securities, foreign exchange, money markets, and rupee interest rate derivatives on September 18, 2024. This change is due to the Maharashtra government declaring September 18 as a public holiday. The announcement was made on September 14, 2024.

Cancellation of September 16 Holiday

The previously announced public holiday on September 16, 2024, has been cancelled. Transactions and settlements scheduled for September 18 will now be postponed to September 19, 2024. However, the markets for government securities, foreign exchange, money markets, and rupee interest rate derivatives will operate as usual on September 16, 2024.

Settlement Adjustments

• September 17 Transactions: Settlements for transactions due on September 17, 2024, will occur on the same day.
• Government Securities Auction: The settlement for the Government of India Dated Securities auction held on September 13, 2024, will take place on September 17, 2024, as planned.
• State Government Securities Auction: The auction of State Government securities scheduled for September 17, 2024, will now take place on September 19, 2024.

Changes to SDF and MSF

The Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) under the Liquidity Adjustment Facility (LAF), which were set to reverse on September 17, 2024, will now reverse on September 16, 2024. The SDF and MSF will remain available as usual.

Maharashtra Government Shifts Eid-e-Milad Holiday

In Mumbai, the Maharashtra government has moved the Eid-e-Milad holiday from September 16 to September 18, 2024. This change was made to avoid overlap with the Hindu festival Anant Chaturdashi on September 17. The Eid-e-Milad procession will now take place on September 18, 2024.