Reserve Bank of India

October 4, 2023 1:19 PM

Bi-Monthly meeting of RBI's Monetary Policy Committee begins in Mumbai

Bi-Monthly meeting of Reserve Bank of India’s Monetary Policy Committee (MPC) began in Mumbai today. RBI Governor Shaktikanta Das will issue a Monetary Policy Statement on Friday. He will also address the Press Conference on the same day. After the last meeting, MPC kept interest rates unchanged. Currently Repo rate is at 6.5 per cent, Reverse Repo at 3.35 per cent and Bank rate is at 6.75 per cent. RBI has projected real GDP growth for 2023-24 at 6.5 per cent....

August 18, 2023 1:28 PM

Don't compound penal interest on loans : RBI to Banks, NBFCs

Reserve Bank issued guidelines to banks, NBFCs on levying of penal rates of interest on loans. RBI in a circular dated 18th Aug 2023 mentioned that there shall be no capitalisation of penal charges i.e., no further interest computed on such charges. After reviewing the practices followed by Banks on charging penal interest/charges, the central Bank issued the guidelines underscoring that Penalty, if charged, for non-compliance of terms and conditions of loan contract by the borrower shall be ...

August 10, 2023 1:59 PM

Central Bank raises per transaction limit for UPI Lite to 500 rupees from existing 200 rupees to promote digital transactions

Reserve Bank of India has proposed to launch an innovative payment mode viz., “Conversational Payments” on UPI. It will enable users to engage in a conversation with an Artificial Intelligence-powered system to initiate and complete transactions in a safe and secure environment. RBI Governor Shaktikanta Das said, this channel will be made available in both smartphones and feature phones-based UPI channels, thereby helping in the deepening of digital penetration in the country. Initially the ...

July 6, 2023 8:44 AM

Inter-Departmental Group of RBI releases report & recommendations for Internationalisation of rupee

An Inter-Departmental Group of the Reserve Bank of India has said that the increasing use of Indian rupee in invoicing and settlement of international trade, as well as in capital account transactions, will give the local currency international acceptance. The group was formed to examine the internationalization of rupee and frame a roadmap for the same. Its report and recommendations were placed on the RBI’s website yesterday. The report states that the internationalization of a curr...