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RBI Monetary Policy Meet: The Reserve Bank of India on Wednesday increased the repo rate by 50 basis points to 4.90%. The current repo rate is 4.40% after the rates were increased by 40 basis points at an off-cycle meeting of the Monetary Policy Committee. The standing deposit facility rate was 4.15% and the fixed reverse repo rate was 3.35%. RBI governor Shaktikanta Das announcement does not come as a surprise as the increase was highly anticipated. A total of 17 of the 41 economists who participated in a Bloomberg poll expect the MPC to announce a rate hike of 50 basis points – one basis point is one-hundredth of a percentage point – while another 11 expect an increase of 40 basis points.
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E-mandate hike on cards
The Reserve Bank of India today announced increase in limit for e-mandates/ standing instructions on cards and Prepaid Payment Instruments (PPIs) for recurring transactions to ₹15,000, from ₹5,000 at present.
RBI Raises Co-Operative Banks’ Housing Loan Limits By 100%
RBI’s Measures For Cooperative Banks
1. Limits for individual housing loans extended by urban and rural cooperative banks revised upward by over 100%.
2. Rural cooperative banks allowed to extend finance for residential housing projects, within the limit of 5% of their total assets.
3. Urban cooperative banks have been allowed to extend doorstep banking services.
RBI’s Measures For Cooperative Banks
1. Limits for individual housing loans extended by urban and rural cooperative banks revised upward by over 100%.
2. Rural cooperative banks allowed to extend finance for residential housing projects, within the limit of 5% of their total assets.
3. Urban cooperative banks have been allowed to extend doorstep banking services.
RBI Allows Linking Of Credit Cards To UPI Platform The
RBI will allow the linking of credit cards to the UPI platform, starting with Rupay cards.
Home loan EMIs likely to shoot up as RBI increases repo rate | Your every month installments (EMIs) for home and car loans are likely to shoot up as RBI increasef repo rate from 4.90%.
GDP of India | According to the provisional estimates released by the National Statistical Office (NSO) on May 31, India’s gross domestic product (GDP) growth in the financial year 2021-22 is estimated at 8.7 per cent. This level of real GDP in 2021-22 has exceeded the pre-pandemic, i.e., 2019-20 level, said the RBI Governor.
The inflation for the current financial year is projected at 6.7%. Q1 at 7.5%, Q2 at 7.4%, Q3 at 6.2%, and Q4 at 5.8%.
RBI Governor Shaktikanta Das said RBI will remain focused on bringing down inflation within target.
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