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India Defers Rate Meet as Subcontinent Mourns Loved Singer

(Bloomberg) — India’s central bank postponed its interest-rate review by a day as the nation and its neighbors mourn the death of celebrated singer Lata Mangeshkar.

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The Reserve Bank of India’s monetary policy committee will now meet Feb. 8-10, the authority said in a statement late Sunday. Its decision will be announced Thursday.

Banks in Mumbai and the bond and currency markets are shut Monday. Stock exchanges operated as normal, with the main index down 0.5% as of 10:15 a.m. local time.

Mangeshkar, known as the ‘Nightingale of India,’ received her home country’s highest civilian award during a career spanning more than six decades, as well as love and respect for her music from across the subcontinent. She had been hospitalized since Jan. 8 after testing positive for Covid-19.

“Rest in peace,” Sri Lankan President Mahinda Rajapaksa said in a statement. “Thank you for the decades of entertainment that transcended borders and gave life to the phrase ‘music is a universal language.’”

Mangeshkar, 92, was cremated with state honors Sunday, with attendees including Indian Prime Minister Narendra Modi. She had never married.

(Updates with stocks in third paragraph)

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