The Reserve Bank of India, keeping in line with the Maharashtra government, has decided to keep all its branches closed on Monday, February 7. This has been done to mourn the death of legendary singer Lata Mangeshkar, who breathed her last a day back at a Mumbai hospital. The central bank will also not any transactions related to government securities (primary and secondary), foreign exchange, money markets and others, it said in a separate notification.
“The Government of Maharashtra vide Notification No. 1122/C.R. 21/Desk-29 dated February 6, 2022 has declared February 7, 2022 as a Public Holiday under Section 25 of the Negotiable Instruments Act, 1881 (Act No 26 of 1881), to pay homage to Bharat Ratna, late Lata Mangeshkar,” said the Reserve Bank of India in a notification dated February 6, after the passing away of the singer.
“Accordingly, offices of the Reserve Bank of India situated in the State of Maharashtra shall remain closed on February 7, 2022 (Monday),” it added.
In a separate press release, the RBI also notified about a temporary pause in transactions.
“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,” it said.
Transactions under liquidity adjustment facility, fixed rate and reverse repo will also mature on February 8 now, said the RBI in its press release.
“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 central bank said.
The Reserve Bank has also postponed its Monetary Policy Committee meeting with regard to the demise of Mangeshkar. The meeting was scheduled for February 7 to 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,” RBI said in a late evening statement.
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, as per a PTI report. This will be for the first time the RBI meets for its MPC after the presentation of the Union Budget for 2022-23.
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