Bank customers across the country should note that bank branches will remain shut today due to the scheduled weekly holiday. January 24 falls on the fourth Saturday of the month, which is observed as a bank holiday under Reserve Bank of India (RBI) norms.

RBI Holiday Schedule

The Reserve Bank of India follows a standardized holiday calendar that includes weekly offs on the second and fourth Saturdays of each month. This practice ensures uniformity across all banking institutions in the country.

Impact on Banking Services

Customers planning to visit bank branches today will find them closed as per the scheduled weekly holiday. This closure affects all physical banking operations across the country.

Alternative Banking Options

While bank branches remain closed, customers can continue to access essential banking services through:

• ATM services for cash withdrawals and deposits
• Online banking platforms
• Mobile banking applications
• Digital payment systems

The next working day for banks will resume with normal business hours and full service availability.

The Reserve Bank of India has announced its third tranche of liquidity support measures as the Indian rupee touched a new record low against the US dollar. The central bank's latest intervention comes amid mounting pressure from foreign capital outflows and deteriorating market conditions.

Latest Liquidity Measures

The RBI outlined a comprehensive package of operations to support market liquidity:

The central bank stated it will "continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly liquidity conditions." The 90-day Variable Rate Repo operation represents a liquidity tool where banks borrow funds at market-determined rates through an auction process, rather than the fixed repo rate.

Escalating Intervention Scale

This marks the third such liquidity package since December 2025, demonstrating the RBI's increasingly aggressive approach to market support. The progression of interventions shows the mounting pressure on the financial system:

• First tranche (December 2025): OMO purchases worth ₹1 trillion and dollar-rupee swap of $5 billion
• Second tranche (late December): Doubled operations to ₹2 trillion OMO purchases and $10 billion swap auction for January 2025
• Third tranche (current): Additional ₹50,000 crore purchases and ₹25,000 crore VRR operation

Governor Sanjay Malhotra had previously reiterated the RBI's commitment to supporting system liquidity during the post-policy conference, though without providing clear direction on future measures.

Rupee Under Severe Pressure

The regulatory announcement followed the Indian rupee's intraday plunge to a record low of 91.97 against the US dollar, before recovering slightly to close at 91.96. This surpassed the previous all-time low of 91.75 recorded on 21 January.

Foreign institutional investors have intensified their selling, with net outflows of ₹36,587 crore in 2025. The benchmark indices recorded nearly 1% losses for the day and approximately 2.5% for the week, adding to rupee pressure.

Market Demands and System Constraints

Market participants have consistently urged the RBI to provide more durable liquidity solutions, as conditions remain tight despite multiple intervention rounds. System liquidity faces additional pressure from substantial government borrowing, expected to reach around ₹30 trillion from central and state governments.

In pre-policy interactions reported on 22 January, economists and market participants suggested the RBI prioritize liquidity easing over interest rate cuts. Key recommendations included:

• Publishing an indicative OMO calendar up to ₹5 trillion for the next financial year
• Implementing longer-term Variable Rate Repos for sustained relief
• Considering targeted long-term repo operations (TLTRO)

Upcoming Policy Decision

The RBI's Monetary Policy Committee is scheduled to meet on 4-6 February for its final meeting of the current financial year. The central bank has implemented a cumulative 25 basis points reduction in the policy repo rate since February 2025, as it balances growth support with currency stability concerns.