 "RBI")
A working group set up by the Indian central bank has recommended longer operating hours for the interbank money markets, while maintaining the current schedule for the bond and forex markets, according to a notice issued on Friday.
The Reserve Bank of India set up the group to study the changing needs of market participants and suggest necessary adjustments across different market segments.
The group suggested that the interbank money markets remain operational till 7 pm local time, instead of 5 pm currently, to meet the needs of banks in real-time payment systems.
It also suggested the closing time for the market repo and tri-party repo markets, used by mutual funds, be extended to 4 pm
Market repo is currently available till 2.30 pm, while tri-party repo is available for half an hour beyond that.
The group, however, has not recommended changing the timings of the government securities and foreign exchange markets.
The RBI said it will field suggestions on the proposals till the end of May before finalising the timings.
 "banking, banks")
 "Cash, money, debt, lending, loans, currency, rupee")
 "ATM, Money, Transaction")
 "Indusind Bank")
