New Delhi,  The Reserve Bank of India (RBI) postponed its Monetary Policy Committee's meeting to Tuesday as the Maharashtra government declared a public holiday on Monday to mourn the demise of melody queen Lata Mangeshkar.

The meeting, which was scheduled to begin on Monday, will end on Thursday, the central bank said.

"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 Ms. 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 in a statement.

Besides, in Maharashtra, there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and Rupee interest rate derivatives on Monday.

"Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., February 8, 2022," the central bank said.