RBI postpones MPC meet to Feb 8 as Maha declares holiday on Mon
PTI, Feb 7, 2022, 9:27 AM IST
Mumbai: The Reserve Bank of India (RBI) on Sunday announced rescheduling the meeting of the rate-setting Monetary Policy Committee (MPC) by a day in view of Maharashtra declaring 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.
With the postponement, 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 said in a late evening statement.
In a separate release, the RBI said that 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.
Further, the daily LAF Fixed-rate Reverse Repo and MSF windows will be available as usual on February 7, 2022, the release stated.
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.
The Reserve Bank is likely to maintain the status quo on key policy rates in its next bi-monthly economic policy, which will be the first after the presentation of the Union Budget for 2022-23.
Experts, however, are of the opinion that RBI’s MPC may change the policy stance from ‘accommodative’ to ‘neutral’ and tinker with the reverse-repo rate as part of the liquidity normalization process.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
MUST WATCH
Latest Additions
Shah: UCC Implementation in MP Fulfills BJP Pledge, Modi’s Commitment
Kumaraswamy accuses political opponents of inducements in Bangalore rural elections
Bengaluru eateries butter up voter turnout with free dosa
Low voter turnout in Karnataka: Only 38.23% cast votes in 14 LS segments during first half of the day
Karnataka Polls: No Modi wave but anti-BJP wave, says CM Siddaramaiah