RBI Maintains repo rate; Increases UPI limit
On Maintaining the status quo, consequently fifth time in row : RBI has maintained the repo rate at 6.5percent.
Amid lowering the inflation rate in the third quarter at 5.4 percent as compared to 5.6 percent, RBI has maintained the status quo for repo rate for an economically sustainable route.
The repo rate was fixed at 6.5 percent in February 2023. It is commendable for the central bank to establish a balanced theory for the upcoming economic state next year.
According to the Monetary Policy Committee, RBI is concerned with growing consumer needs and the Consumer price index (CPI) is showing growing inflation at a steady rate with ups and downs respectively. Well degradation from 6.7 percent in 2022-23 to 5.4 percent in 2023-24 for retail inflation, it is very much expected that sovereign banking authority is working upon to ease the rising prices issues.
According to RBI governor Shaktikantdas, it is the apex bank's top most priority to emphasise upon the inflation crisis. It is being emancipated to stabilise at 4 percent rate as possible as be.Read Also : BPCL Kochi Refinery emerge winners of NIPM Young Managers’ Contest 2024
Increment of UPI limit as per RBI:
The RBI has increased the UPI limit for hospital and education sector from 1 lakh to 5 lakh rupees. According to bi-monthly committee meeting, it will be easy for consumers to spend on healthcare and education service.Read Also : NTPC Wins 23rd Inter CPSU Cricket Tournament
Economical Growth rate :
The MPC report has anticipated the Indian growth rate at 7 percent as compared to 6.5percent in 2022-23. It is strategically conceptualised to align the growth rate points with international organisations reports. The basic growth rate for the first, second and third quarter should be around 6.7,6.5 and 6.4 percent at the end of next year as per RBI report.
The GDP report as per RBI is pegged at 7 percent from 6.5 percent previously. The robust economic growth which was fragile due to geopolitical turmoils and pandemic ( coronavirus) is somewhat recovering from wholesome efforts done by financial organisations.
The forex reserves of the country stood at dollar 604 billion which is ultimately fostering the central bank to meet international financial needs. Also it had proposed to hike e mandate for recurring payments from 15000 to 1 lakh for insurance premium, mutual funds in investment and credit card payments.
The previous reports of RBI shows a significant increase in GDP growth rate for consecutive four quarters with little variation. The annual financial growth is dependent upon the rigid and robust output provided by industrial and tertiary sectors which are totally responsible for export revenues.
The RBI has also announced plans to form a cloud facility for the financial sector for data security and privacy.
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