The declaration of holiday on January 22, in order to enable people to participate in the Ram Lalla Pran Pratishtha celebrations, has led to protests in the banking and financial markets with bank unions saying the move as a “blatant misuse of government and public sector institutions”.
Citing the Government of Maharashtra notification that declared January 22 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881, the Reserve Bank of India (RBI) said 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. “Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., January 23,” the RBI said.
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