RBI to Implement New Timings for Call Money and Repo Markets

The Reserve Bank of India (RBI) has announced revised trading hours for key financial market segments, including call money and repo markets. Based on the recommendations of a dedicated working group, these changes aim to align market operations with India’s growing financial ecosystem. 

The new timings, effective in July and August 2025, are expected to enhance market efficiency and liquidity.

Updated Trading Hours for Call Money Market

Effective from July 1, 2025, trading hours in the call money market will be extended by 2 hours. The new operating window will run from 9:00 am to 7:00 pm.

Revised Market and Tri-Party Repo Timings

For market repo and Tri-Party Repo (TREP) transactions, the trading session will now end at 4:00 pm beginning August 1, 2025. The new timings for these segments are 9:00 AM to 4:00 PM. 

No Changes for Other Market Segments

The RBI clarified that the trading hours for other segments, such as the government securities (G-Secs) market, foreign exchange market, and interest rate derivatives market, will remain unchanged. The current system is deemed sufficient to cater to market participants in these categories.

Background: Recommendations from the Working Group

The revised timings are the outcome of detailed proposals made by a working group led by Radha Shyam Ratho. The panel included representatives from banks and primary dealers and was tasked with evaluating whether existing trading hours aligned with market behaviour, global practices, and India’s economic requirements. The group’s report was made available for public feedback on the RBI’s official website.

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Goals Behind the Timing Reforms

The primary aim of the changes is to synchronise trading and settlement cycles across overlapping market platforms. According to the RBI, standardised and extended hours will enhance price discovery and improve liquidity flow across sectors. These structural improvements can ultimately contribute to a more flexible and responsive monetary ecosystem.

Conclusion

The RBI’s decision to revise market operation hours for call money and repo segments marks a significant step towards a more accessible and fluid financial market. With implementation from July and August 2025, respectively, these changes are expected to streamline operations and cater more effectively to stakeholders in India’s evolving economic landscape.

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