The Reserve Bank of India (RBI) has rescheduled the meeting of rate-setting Monetary Policy Committee (MPC) by a day after Maharashtra declared a public holiday on February 7 to mourn the death of Bharat Ratna legendary singer Lata Mangeshkar.
The MPC meeting was scheduled for February 7-9, 2022.
The meeting will now begin on February 8 and the outcome would be announced on February 10. "With February 7, 2022 being declared a public holiday by the Government of Maharashtra under Section 25 of the Negotiable Instruments Act, 1881, as a mark of respect to Bharat Ratna Ku. Lata Mangeshkar, the MPC meeting has been rescheduled to February 8-10, 2022," the RBI had said on Sunday.
In a separate release, the RBI said there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and Rupee Interest Rate Derivatives on February 7, 2022. "Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., February 8, 2022," the release said.
Transactions under Liquidity Adjustment Facility (LAF) Fixed-rate Reverse Repo and MSF operations, for which the second leg settlement date was February 7, 2022, will now mature on the next working day, i.e., February 8, 2022.
Mangeshkar, whose voice struck an instant chord of recognition with generations of South Asians and is considered one of India's greats, died in a Mumbai hospital on Sunday due to multiple organ failure. She was 92.
With inputs from PTI
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