RBI changes opening hours of bank from April 18, customers to get 1 hour extra

"With the significant relaxation of limitations on people's movement and office operations, it has now been decided to return the opening hour for regulated financial markets to its pre-pandemic timing of 9 a.m.," the RBI said in a statement.

Team Newsable

New Delhi, First Published Apr 19, 2022, 11:32 AM IST | Last Updated Apr 19, 2022, 11:32 AM IST

Bank customers will now have an additional hour to accomplish bank-related tasks. With effect from April 18, 2022, the Reserve Bank of India (RBI) has modified the schedules for market and bank trading hours. After four days of shutdown, the RBI modified bank operating hours on Monday. Banks will now open at 9 a.m.

However, there has been no change to the closure time. Bank hours in India have been curtailed due to an increase in COVID-19 cases. However, once conditions begin to normalise, the RBI will begin implementing this facility on April 18, 2022.

Meanwhile, the RBI has announced that the trading hours of its regulated markets would be from 9 am to 3.30 pm beginning April 18. "With the significant relaxation of limitations on people's movement and office operations, it has now been decided to return the opening hour for regulated financial markets to its pre-pandemic timing of 9 a.m.," the RBI said in a statement.

The central bank regulates the following markets: call/notice/term money; market repo in government securities; tri-party repo in government securities; commercial paper and certificates of deposit; repo in corporate bonds; government securities (central government securities, state development loans, and treasury bills); forex derivatives; and rupee interest rate derivatives.

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The trading hours for several markets controlled by the RBI were altered on April 7, 2020, in response to the coronavirus pandemic, which caused operational disruptions and increased health hazards. Significantly, in anticipation of the planned changeover in 2020, the RBI modified the market's trading hours on April 7. The market hours were adjusted from 10 a.m. to 3.30 p.m., resulting in a half-hour reduction in trading hours. However, now that things have returned to normal, the RBI is re-instituting the original timetable.

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