RBI Reschedules Monetary Policy Committee Meet To February 8 – Here's Why

The central bank, which has rescheduled the three-day meeting from February 8, said the decision has been made under Section 45ZI(4) of the RBI Act 1934.

RBI (File Photo/ Getty)

New Delhi: With the Maharashtra government declaring Monday a public holiday as a mark of respect to legendary singer Lata Mangeshkar, the Reserve Bank of India (RBI) has rescheduled the meeting of the Monetary Policy Committee (MPC).

The central bank, which has rescheduled the three-day meeting from February 8, said the decision has been made under Section 45ZI(4) of the RBI Act 1934.

“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. This announcement is made under Section 45ZI(4) of the Reserve Bank of India Act 1934,” the RBI said.

The Maharashtra government earlier on Sunday announced a public holiday as well as one-day mourning on Monday to mourn the demise of the legendary singer, who passed away due to multiple organ failure at the age of 92.

“The state government has declared a public holiday in the state on Monday, February 7, 2022, to mourn the demise of Bharat Ratna Lata Mangeshkar,” CMO Maharashtra tweeted.

As announced earlier, the last meeting of the Monetary Policy Committee during the financial year 2021-22 was scheduled to take place from February 7 to 9.

The credit policy which was scheduled to come out on February 9, will now be released a day later.

The RBI did not change the monetary policy earlier in December last year.

The RBI’s Monetary Policy Committee had conducted a three-day meeting earlier in December last year in which the central bank did not make any changes in the policy rates.

It is, however, being said the RBI may this time make changes in its neutral policy and there may be some changes in the reverse repo rate as well.