Image Source : PTI In this Monday April 24, 2017, file image veteran singer Lata Mangeshkar attends Deenanath Mangeshkar Purashkar function in Mumbai
Reserve Bank of India (RBI) on Sunday announced rescheduling of rate-setting Monetary Policy Committee (MPC) meeting by a day in view of Maharashtra declaring public holiday on February 7 to mourn death of Bharat Ratna legendary singer Lata Mangeshkar. The 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,” 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, 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 normalisation process.
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