RBI News Update: Public holiday in Maharashtra on January 22, 2024

  As per the Negotiable Instruments Act, 1881, the Government of Maharashtra has declared January 22, 2024 as a public holiday.  

As a result, all transactions and settlements in government securities, foreign exchange, money market and rupee interest rate derivatives have been suspended till January 22, 2024.  Settlement of pending transactions will now take place on the next working day on January 23, 2024.

  Additionally, the 3-day variable rate repo (VRR) auction initially scheduled to reverse on January 22, 2024, will now be reversed to January 23, 2024.  

The previously announced 3-day VRR auction has been canceled, and the 2-day VRR auction will be held on January 23, 2024.

  One additional issue each of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) has been made available with reversal on January 23, 2024.

  Stay tuned for further updates.