Markets open, banks shut: Investors suffered after RBI holiday on Feb 7

Markets remaining open during bank holidays isn't uncommon. However, such days are known well in advance.

The Maharashtra government declared a public holiday on February 7 to mourn the demise of legendary singer Lata Mangeshkar. Following the announcement, the Reserve Bank of India (RBI) announced it would be a holiday for the banks. However, the stock market continued to function.

It appears that this has resulted in issues with payments and settlements for stock market participants such as mutual funds (MFs), brokers and foreign portfolio investors (FPIs).

According to a report in the Economic Times, 6 foreign banks have written to NSE Clearing—the clearing and settlement arm of the National Stock Exchange (NSE)—highlighting the difficulties faced