Insights into Market Closures, Banking Operations, and Government Transactions
As Good Friday approaches, it’s essential to be aware of what services and institutions will be affected during the long weekend. Here’s a breakdown of what will be open and what will remain closed from March 29 to March 31, 2024.
Market Closures: On March 29, Good Friday, Indian stock markets, bond markets, and commodity markets will be closed. This includes trading activities across different segments such as cash, derivatives, securities lending and borrowing (SLB), and commodity futures.
Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) have confirmed the closure of their trading platforms on Good Friday. Additionally, the Multi Commodity Exchange (MCX) and the National Commodity and Derivatives Exchange (NCDEX) will be closed for both the morning and evening sessions.
Normal trading operations will resume on April 1, with the BSE and NSE initiating the day with a 15-minute pre-opening session at 9:00 am, followed by regular trading hours.
Banking Operations: Most banks across India will be closed on Good Friday, with exceptions in states like Tripura, Assam, Rajasthan, Himachal Pradesh, Jammu, and Srinagar, where banks will remain open.
However, in observance of government transactions, the Reserve Bank of India (RBI) has instructed all agency banks to keep their branches dealing with government business open on March 31, 2024 (Sunday). This decision aims to ensure the accounting of all government transactions related to receipts and payments for the fiscal year 2023-24.
Government Transactions: As per the RBI’s directive, all agency banks will facilitate over-the-counter transactions related to government receipts and payments on March 30 and March 31. Agency banks play a crucial role in conducting the general banking business of governments through their own offices and commercial banks appointed as agents by the RBI.
