RBI has postponed the MPC meeting by a day till February 8
Mumbai:
The Reserve Bank of India (RBI) on Sunday rescheduled its Monetary Policy Committee (MPC) meeting, which was to begin from tomorrow (Monday, February 7) till February 8.
The decision to postpone the MPC meeting was taken by the RBI as the Maharashtra government on Monday declared a public holiday to condole the death of renowned playback singer Lata Mangeshkar, who passed away earlier today.
The MPC meeting will now be held from February 8 to February 10, 2022.
The committee meets on a bi-monthly basis to review and revise the prime lending rates (repo and reverse repo rates). The decision of the committee on retaining or revising the rates is announced by RBI Governor Shaktikanta Das on the last (3rd) day of deliberations.
With February 7, 2022 declared a public holiday by the Government of Maharashtra under Section 25 of the Negotiable Instruments Act, 1881 in honor of Bharat Ratna Kumari Lata Mangeshkar, the MPC meeting has been rescheduled to February 8-10, 2022. RBI said in a statement late in the evening.
In a separate release, the RBI said that there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money market and rupee interest rate derivatives as on February 7, 2022.
“The settlement of all outstanding transactions will be 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 phase settlement date was February 7, 2022, will now mature on the next working day i.e. February 8, 2022.
Meanwhile, the RBI is likely to maintain status quo on key policy rates in the monetary policy review, which will be for the first time since the presentation of the Budget for 2022-23.
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