What decisions were taken in yesterday’s meeting at the Reserve Bank, let’s see in detail, The Monetary Policy Committee of the Reserve Bank of India, for the fifth time in a row, did not make any change in the ‘repo’ interest’ rate for short-term loans to banks.
The Reserve Bank of India’s Monetary Policy Committee meeting
was held in Mumbai for three consecutive days starting on the 6th and ending yesterday. Reserve Bank Governor Shaktikanta Das announced the results yesterday.
The repo rate will remain unchanged at 6.50 percent
For the current financial year, the country’s economic growth forecast has been raised to 7 percent from 6.50 percent previously.
Compared to the currencies of many emerging countries, the Indian rupee has exhibited little volatility
RBI to set up dedicated ‘cloud’ facility to ensure data security and privacy in financial sector
Economic growth at 6.50 percent in the December quarter; For the March quarter, it is also projected at 6 percent.
As the main objective of the RBI continues to be to bring inflation under control, there is no intention to reduce the repo rate for the time being. Based on data showing that inflation has been coming down for the past few months, one should not get complacent. There is still a long way to go.Shaktikanta Das
Volatile food prices play an important role in determining inflation
Inflation is likely to pick up in November and December due to intermittent rise in vegetable prices
The stability of the rupee reflects the stability of the developing domestic economy
As on December 1, the country’s foreign exchange reserves stood at Rs 50.13 lakh crore.
India is better positioned than other countries to face the volatile environment in the global economy.
The good news is UPI, transaction limit increase.
UPI App for Hospitals and Educational Institutions, RBI has raised the maximum limit of medical transactions from Rs 2 lakh to Rs 5 lakh. This decision has been taken with the aim of making it easier for consumers to pay the amount through UPI when there is a situation of overpayment at these places. Mutual fund
Also, through UPI, ‘Auto Debit’ is allowed for recurring transactions like subscriptions, insurance premium subscriptions and monthly installments of loans up to Rs 1 lakh without OTP. Can only be carried out in existing practice. 15,000 can be done only. It is significant.