The state government has declared a public holiday in the state on Monday, February 7, 2022 to mourn the demise of Bharat Ratna singer Lata Mangeshkar. As a result, schools, colleges and government offices across the state will be closed today. However, there is confusion among many as to whether the centrally run banks will be operational. Public and private banks, such as SBI and Bank of India, come under the purview of the central government, the RBI. As a result, decisions made by the state do not apply to them. Although the central government has declared three days of mourning, it has not declared a public holiday. Nevertheless, the decisions taken by the State Government under Section 25 of the Negotiable Articles Act, 1881 (Act 26 of 1981) also apply to the National Banks in that State. As a result, people were asking questions about whether the banks will be open or closed on February 7. The RBI has responded by clearing the confusion among the people.
For this reason, the RBI has postponed the date of the monetary meeting in Mumbai by one day. The three-day meeting to be held today will start from tomorrow, February 8. The RBI has attributed this to Lata didi's grief. Also, banks across the country except Maharashtra will continue today. The RBI has clarified that banks and financial institutions in Maharashtra will remain closed. The RBI also said that any pending transactions would be done on February 8.
"As Maharashtra govt has declared February 7 as a public holiday, there will be no transactions & settlements in Government securities (primary and secondary), foreign exchange, money markets, and Rupee Interest Rate Derivatives. Settlement of all outstanding transactions will accordingly get postponed to the next working day i.e., February 8," RBI added in a statement.