RBI MPC Decisions : The three-day Monetary Policy Committee meeting, which began on August 8, ended today i.e. on August 10. Reserve Bank of India Governor Shaktikanta Das has announced the decisions taken in the meeting.
There has been no change in the repo rate for the third time in a row. The meeting, chaired by the RBI Governor, consisted of 6 members. During this, issues related to the country’s economy were discussed.
Repo rate stable for the third time in a row
Changes in the repo rate have a direct impact on the MCLR rates. Loans become more expensive. For the third time in a row, RBI has not made any change in the repo rate. The last increase was in February. The rates currently stand at 6.75%.
RBI governor said about inflation
The CPI inflation forecast for FY2024 has been increased. The estimate has been increased from 5.1% to 5.4%. At the same time, the CPI inflation forecast for the second quarter of the year 2024 has been increased to 6.2%. The forecast for the fourth quarter remains unchanged at 5.2 per cent.
Instructions issued for banks
RBI has instructed banks to maintain an incremental CRR of 10%. “Banks will have to maintain an incremental CRR of 10% on the increase in their NDTL between the fortnight beginning August 12, between May 19 and July 28,” Das, the central bank’s governor, said.
UPI Lite payment limit increased
RBI has increased the payment limit for UPI Lite. You users will be able to do transactions up to Rs 500 instead of Rs 200 without internet.
What did RBI say on Rs 2000 note?
RBI Governor told that, “Withdrawal of Rs 2000 note is a temporary measure. Once the Rs 2000 denomination is completely withdrawn from the country, there will be “Adequate Liquidity” in the system. Along with this, he has advised to change 2000 rupee notes before September.
