The stock market opened on Saturday with no move to recover from the disaster expected. However, markets will remain closed on Monday as the Maharashtra government has declared a holiday under the Negotiable Instruments Act.
The declaration of a holiday on January 22 to allow people to take part in the Ram Lalla Pran Pratishtha celebrations, led to protests in the banking and financial markets, with banking unions calling the move This is “a blatant abuse of institutions, government and the public sector.”
Citing the Maharashtra government’s notification declaring 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 or payments. Government securities accounting (primary and secondary), foreign exchange. currency market and interest rate derivatives in Rupiah on January 22. “Settlement of all pending transactions will be deferred to the next working day i.e. January 23,” the RBI said. The stock market opened on Saturday with no move to recover from the disaster expected. However, markets will remain closed on Monday as the Maharashtra government has declared a holiday under the Negotiable Instruments Act.
In a statement, the Kolkata-based Bank Employees Federation of India (BEFI), one of the nine banking unions, expressed concern over the notification issued by the Department of Financial Services (DFS), Ministry of Finance issued on January 18, declared half-day closure of Public Sector Banks (PSBs), PSU Insurance Companies, Financial Institutions and Regional Rural Banks (RRBs) on January 22 January.
“The Ram Lalla Pran Pratishtha scheduled to take place on January 22 is only a religious activity and not a state function. The Preamble to the Constitution declares India to be a sovereign, socialist and secular democratic Republic,” BEFI said, while calling on the government to uphold the objectives of the Constitution in writing and spirit. “BEFI strongly objects to this highly objectionable notice issued by DFS and demands its immediate withdrawal,” the statement said.
In its January 18 order, the DFS said, “The Department of Personnel and Training (DoPT) order relating to Central Institutions and Central Industrial Establishments shall also apply to all PSU banks, insurance, PSU financial institutions and RRB to enable employees to join Ram. Lalla Pran Pratishtha Celebrations.
“To enable employees to participate in the celebrations, it has been decided that all central government offices, central institutions and central industrial establishments across India will be closed for half a day for to 2:30 p.m. on January 22,” DoPT said in a statement. office minutes.
According to SC Garg, former finance secretary, holidays are of two types: one is a holiday when offices are closed, and the second is a holiday when all establishments are closed. “I understand that this announcement is being made with a request to close all establishments, factories and other establishments. So this includes RBI, which is also a facility. If the Maharashtra government has declared a holiday (January 22), applicable to all establishments, then it has to be implemented,” said Garg, also a former director of the RBI central board.
Queries sent to the Ministry of Finance by The Indian Express regarding the DFS issuing the half-day closure directive for banks and financial institutions remained unanswered.
“This is not the first time of this nature. Viksit Bharat Sankalp Yatra (VBSY), launched by the Prime Minister of the country on November 15, 2023 and scheduled to last until the 26th of this month, is also carried out to mobilize support for the ruling regime across country with the participation of the government. and bank employees. including its resources,” BEFI said.
The three-day variable rate repo (VRR) auction conducted today with a cancellation date of January 22 will now be canceled on January 23, according to the RBI. The previously announced three-day VRR auction has been cancelled. Instead, the two-day VRR auction will take place on January 23.
The BSE Sensex closed down 0.36 per cent, or 260 points, at 71,423.65 and the NSE Nifty fell 51 points at 21,571.80 on Saturday.
In another rare instance, the RBI declared a public holiday on February 7, 2022, after the Maharashtra government declared it a public holiday under Section 25 of the Negotiable Instruments Act, 1881 . mourns the passing of legendary singer Lata Mangeshkar, who passed away on February 6, 2022. Even the stock market has declared a holiday on February 7.
The RBI did not respond to queries sent in this regard.
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