RBI reschedules monetary policy committee meeting to February 8-10

7 Feb 2022 , 11:00 AM

Due to a public holiday declared by the Government of Maharashtra, the Reserve Bank of India (RBI) has rescheduled its Monetary Policy Committee meeting to February 8 to February 10, 2022.

Earlier, the MPC meeting was set to begin from February 7 to February 09.

RBI will carry out a three-day meeting to discuss various factors before announcing the monetary policy outcome on February 10. This would be the last meeting of the Monetary Policy Committee (MPC) during the financial year 2021-22.

At present, RBI’s policy repo rate under the liquidity adjustment facility (LAF) is unchanged at 4%. While the reverse repo rate under the LAF remains unchanged at 3.35% and the marginal standing facility (MSF) rate and the Bank Rate at 4.25%.

On Sunday, RBI announced that “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.”

Because of the public holiday, RBI also announced that there will be no transactions and settlements in Government securities (primary and secondary), foreign exchange, money markets and Rupee Interest Rate Derivatives today. RBI said that settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., February 8, 2022.