RBI monetary policy: Repo rate unchanged at 6.5 percent
The Reserve Bank of India has announced the monetary policy today and has not made any changes in the repo rate and other policy rates. RBI Governor Shaktikanta Das has announced this in his address today. In this way, there will be no relief on your loan EMI nor will it increase because RBI has maintained the ‘status quo’ on the rates. The repo rate will remain at 6.5 percent.
Nifty crossed 21 thousand for the first time
The stock market has accepted the RBI credit policy immediately. As soon as the RBI Governor’s address started, Nifty made a record high of 21,005.05 and was seen crossing the historical level of 21000.
RBI kept interest rates stable for the fifth consecutive time
Since there is no change in the repo rate in the monetary policy of RBI, banks will continue to get loans at the same rates. This is the fifth consecutive time that the Reserve Bank did not make any changes in its policy rates and kept them stable.
Reserve Bank’s estimate for GDP
The Reserve Bank has increased the GDP (Gross Domestic Product) estimate for the financial year 2024 from 6.5 percent to 7 percent. RBI has maintained the stance of ‘Withdrawal of Accommodation’ in credit policy.
RBI Governor made 2 new announcements for UPI
RBI Governor Shaktikanta Das said that the UPI transaction limit is being increased from Rs 1 lakh to Rs 5 lakh for every transaction in hospitals and educational institutions. This will benefit UPI transactions for the education and healthcare sectors.
In the monetary policy meeting, it has been recommended to make changes in the e-mandate for payments of recurring nature. Under this, the UPI limit for recurring transactions is being increased to Rs 1 lakh per transaction. The RBI Governor has proposed in his address to increase the limit of such UPI payment from Rs 15 thousand to Rs 1 lakh. Under this, the UPI limit will increase mainly for recurring UPI payment for mutual fund subscription, insurance policy premium and credit card repayments.
