RBI MPC meeting rescheduled for Feb 8 as Maharashtra declares a public holiday today to mourn the death of Lata Mangeshkar

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The Reserve Bank of India (RBI) on Sunday announced the postponement of the Monetary Policy Committee (MPC) rate-setting meeting by one day ahead of the declaration of Maharashtra as a public holiday on February 7 to mourn the death of the legendary singer of Bharat Ratna, Lata Mangeshkar.

The MPC meeting was scheduled for February 7-9, 2022.

With the postponement, the meeting will now begin on February 8 and the outcome will be announced on February 10.

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“With February 7, 2022 declared a public holiday by the Government of Maharashtra under Section 25 of the Negotiable Instruments Act 1881 as a sign of respect to Bharat Ratna Ku. Lata Mangeshkar, the MPC meeting has been postponed from Feb. 8-10, 2022,” the RBI said in a late-night statement.

In a separate statement, the RBI said there would be no transactions and settlements in government securities (primary and secondary), currencies, money markets and rupee interest rate derivatives. on February 7, 2022.

“The settlement of all pending transactions will therefore be postponed to the next business day, i.e. February 8, 2022,” the statement said.

Transactions under the Fixed Rate Reverse Repo and Liquidity Adjustment Facility (LAF) MSF transactions, for which the second leg settlement date was 7 February 2022, will now arrive at due on the next business day, i.e. February 8, 2022.

Additionally, the LAF Fixed rate Reverse Repo and MSF daily windows will be available as usual on February 7, 2022, the statement said.

Mangeshkar, whose voice was instantly recognized by generations of South Asians and is considered one of India’s greatest, died in a Mumbai hospital on Sunday due to multiple organ failure. She was 92 years old.

The Reserve Bank is expected to maintain the status quo on policy rates in its next fortnightly economic policy, which will be the first after the presentation of the Union budget for 2022-23.
Experts, however, are of the view that RBI’s MPC could change the policy stance from ‘accommodative’ to ‘neutral’ and alter the reverse repo rate as part of the liquidity normalization process.


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