The Reserve Bank of India, in line with the government of Maharashtra, has decided to keep all its branches closed on Monday, February 7. It was done to mourn the death of legendary singer Lata Mangeshkar, who took her last breath a day ago at a hospital in Bombay. The central bank will also not carry out any transactions related to government securities (primary and secondary), foreign exchange, money markets and others, it said in a separate notification.

“Government of Maharashtra void Notification No. 1122/CR 21/Desk-29 dated 6th February 2022 declared 7th February 2022 a public holiday under Section 25 of the Negotiable Instruments Act 1881 (Act No 26 of 1881), to pay tribute to Bharat Ratna, late Lata Mangeshkar,” the Reserve Bank of India said in a notification dated February 6, after the singer passed away.

“As a result, the offices of the Reserve Bank of India located in the state of Maharashtra will remain closed on 7th February 2022 (Monday),” he added.

In a separate press release, the RBI also signaled a temporary halt in trading.

“There will be no transactions and settlements in government securities (primary and secondary), currencies, money markets and rupee interest rate derivatives on 7 February 2022. Settlement of all pending transactions will therefore be postponed to the next business day, i.e. February 8 August 2022,” he said.

Transactions under the Liquidity Adjustment Facility, Fixed Rate and Reverse Repo will also mature on February 8 now, the RBI said in its press release.

“Trades under the Fixed Rate Reverse Repo Liquidity Adjustment Facility (LAF) and MSF trades, for which the second leg settlement date was February 7, 2022, will now mature on the business day i.e. February 8, 2022. In addition, the LAF Fixed Rate Reverse Repo and MSF windows will be available as usual on February 7, 2022,” the central bank said.

The Reserve Bank also postponed its monetary policy committee meeting regarding Mangeshkar’s disappearance. The meeting was scheduled for February 7-9, 2022.

With the postponement, the meeting will now begin on February 8 and the outcome will be announced on February 10. mark of respect to Bharat Ratna Ku. Lata Mangeshkar, the MPC meeting has been rescheduled for February 8-10, 2022,” RBI said in a late evening statement.

Mangeshkar, whose voice was instantly recognized by generations of South Asians and is considered one of India’s greatest, died in a Mumbai hospital on Sunday due to multiple organ failure. She was 92 years old.

The Reserve Bank is expected to maintain the status quo on key rates in its next biweekly economic policy, according to a PTI report. It will be the first time that the RBI will meet for its MPC after the presentation of the Union budget for 2022-23.

Read all the latest news, breaking news and updates on coronavirus here.