Reserve Bank of India (RBI) has announced changes to trading and settlement timings for certain markets based on the recommendations of a Working Group chaired by Shri Radha Shyam Ratho. These changes aim to support better price discovery, improve liquidity management, and facilitate market development. Effective July 1, 2025, the operating hours for the call money market will be extended to 7:00 PM, adjusting the new timings to 9:00 AM–7:00 PM. Additionally, from August 1, 2025, the trading hours for market repo and Tri-Party Repo (TREP) will be extended to 4:00 PM, revising the schedule to 9:00 AM–4:00 PM. The trading hours for the government securities market, foreign exchange market, and interest rate derivatives market will remain unchanged. The RBI is still reviewing other recommendations made by the Working Group, and further decisions will be announced in due course. Public feedback was considered before implementing these revisions.
Reserve Bank of India.
India’s Central Bank
Press Releases
Date : Jun 25, 2025
Recommendations of the Working Group on Comprehensive Review of Trading and Settlement Timings of Various Markets Regulated by the Reserve Bank
The Reserve Bank had set up the Working Group (Chairperson: Shri Radha Shyam Ratho) to undertake a comprehensive review of trading and settlement timings of financial markets regulated by the Reserve Bank. The Working Group provided recommendations aimed at facilitating further market development, price discovery, and optimization of liquidity requirements. Its report was published on the RBI’s website inviting comments from members of the public. The Reserve Bank has examined the recommendations of the Committee as well as the feedback received and it has been decided to implement the following recommendations:
i. The market timings for call money shall be extended to 7:00 PM with effect from July 01, 2025. Accordingly, the revised market hours shall be from 9:00 AM to 7:00 PM.
ii. The trading hours of market repo and Tri-Party Repo (TREP) shall be extended to 4:00 PM with effect from August 01, 2025. Accordingly, the revised trading hours shall be from 9:00 AM to 4:00 PM.
iii. The trading hours for Government securities market, foreign exchange market and interest rate derivatives market remain unchanged.
2. Other recommendations of the Working Group are under consideration and the decisions thereon will be taken in due course.
(Puneet Pancholy)
Chief General Manager
Press Release: 2025-2026/586
