According to RBI, there were no transactions and settlements in the financial markets on January 22

The Reserve Bank of India announced that there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and rupee interest rate derivatives on January 22, 2024.

This comes after the Maharashtra government declared January 22, 2024 as a holiday of 'Shree Ram Lalla Pran Pratishtha Din' (Ram Temple Dedication) under Section 25 of the Negotiable Instruments Act, 1881.

Accordingly, the settlement of all pending transactions will be postponed to the next working day – January 23, 2024, according to the RBI statement.

The three-day Variable Rate Repo (VRR) auction (which infused liquidity of ₹50,007 crore into the banking system) conducted on Friday with the reversal date of January 22, 2024 will now be reversed on January 23, 2024.

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The three-day VRR auction for ₹1.25 lakh crore, which was scheduled to take place on January 22, has been cancelled. Instead, a two-day VRR auction will be conducted on January 23, 2024 for ₹1.25 lakh crore.