RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
Considering the extension of the lockdown, the Reserve Bank of India (RBI) on a Thursday amended trading hours of debt as well as currency market till April 30.
In order to minimise risks arising due to the unprecedented situation created by the COVID-19 outbreak, the trading hours for various RBI regulated markets were initially changed as 10.00 am to 2.00 pm effective from April 7 till the close of business hours on April 17, 2020.
“In view of the Government of India’s order that the lockdown will continue till May 3, it has been decided that the amended trading hours for various RBI regulated markets will continue to be effective till the close of business on Thursday, April 30,” the RBI said in a statement.
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It is to be noted that the banks will remain closed on May 1, 2 and 3.
The RBI changed the market timings in order to minimise risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring the safety of personnel.
RBI-regulated markets include, ‘call/notice/term money’, ‘market repo in government securities’, ‘commercial paper and certificates of deposit’, ‘repo in corporate bonds’, ‘government securities’, ‘foreign currency (FCY)/Indian Rupee (INR) trades’ and ‘Rupee Interest Rate Derivatives’.
The RBI, however, maintained that the timings for the banking services like RTGS and NEFT, e-Kuber and other retail payments will continue to be available as per extant timings.
All private and public banks have been constantly requesting their customers to use online banking systems and avoid visiting their branches in line with government’s and health officials’ norms of social distancing to prevent the spread of the Coronavirus.
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