RBI revises trading timings for call money, repo markets after working group review

The Reserve Bank of India (RBI) on Wednesday announced an extension of trading hours for call money and repo markets, accepting key recommendations of a working group set up to comprehensively review trading and settlement timings of financial markets regulated by the central bank.

The RBI said the market timings for call money will be extended by two hours, up to 7:00 pm, effective July 1, 2025. The new trading hours will be from 9:00 am to 7:00 am.

The trading hours for market repo and Tri-Party Repo (TREP) operations will be extended by one hour to 4:00 pm from August 1, 2025. The revised timings for these segments will be 9:00 am to 4:00 pm.

Timings for the government securities market, foreign exchange market, and interest rate derivatives market remain unchanged.

The decisions follow recommendations by a working group chaired by Radha Shyam Ratho, which included members from banks, primary dealers, and other bond market participants.

The group was tasked with assessing whether current market timings are in line with the evolving needs of financial markets and the economy.

The group’s report was published on the RBI website for public comments.

“Other recommendations of the Working Group are under consideration, and decisions thereon will be taken in due course,” the RBI added.

The central bank had earlier noted that synchronised trading and settlement timings across financial markets can improve efficiency in price discovery, reduce frictions, and optimise liquidity usage.

The panel also studied global practices on market functioning and assessed their relevance to India's market ecosystem, with a focus on participation, volume, and liquidity.