RBI MPC meeting postponed by a day due to Lata Mangeshkar's death

The Reserve Bank of India on Sunday said that its Monetary Policy Committee (MPC) meeting, which was scheduled to be held from February 7-9, has been postponed by a day.

The meeting has been rescheduled as the Maharashtra government has declared a public holiday on Monday as a mark of respect for legendary singer Lata Mangeshkar who passed away on Sunday.

"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 release.

The central bank said it is making the announcement of postponement of the MPC metting under Section 45ZI(4) of the Reserve Bank of India Act, 1934.

The next bi-monthly monetary policy was scheduled to be announced on Wednesday at the end of three-day deliberations which will now be shifted to Thursday. Experts expect RBI to maintain status quo on key policy rates during the meeting.

The last MPC held in December 2021 had kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance against the backdrop of concerns over the emergence of the new coronavirus variant Omicron. It was the ninth time in a row that the rate setting panel had maintained the status quo.

Also Read: RBI likely to maintain status quo in policy rate next week: Experts

Mangeshkar was cremated with full state honours in Mumbai's Shivaji Park on Sunday evening. Prime Minister Narendra Modi was among the luminaries from politics and entertainment industry present at her funeral at Shivaji Park in Dadar area.

Mangeshkar, also known as the 'Queen of Melody' and the 'Nightingale of India', passed away at 8.12 am on Sunday at the Breach Candy Hospital in Mumbai due to multiple organ failure. She was admitted in the hospital after testing positive for COVID-19.

She was an extraordinary playback singer. She delivered several musical gems in her seven-decade long career. Her famous songs include Lag Jaa Gale, Pyar Kiya To Darna Kya, Aye Mere Watan Ke Logon, Yeh Kahan Aage Hum, Neela asman So Gaya, among others.
 
She was lauded with numerous awards and honours, including the country's highest civilian award Bharat Ratna. She has also been honoured with the Padma Bhushan, the Padma Vibhushan and the Dada Saheb Phalke Award, and several National Film Awards.

Also Read: End of an era: Lata Mangeshkar cremated with full state honours

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