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RBI makes no change in policy rates, growth rate expected 9.5 %
Reserve Bank of India (RBI) has not made any change in Repo Rate, Reverse Repo Rate, MSF Rate. RBI Governor Shaktikanta Das held a press conference on 04 June 2021 regarding the decisions of the central bank’s MPC on key rates. RBI Governor Shaktikanta Das said that the Monetary Policy Committee of the RBI has decided to keep the monetary stance liberal as long as it is needed to eliminate the impact of Covid-19. This is the sixth time in a row that the RBI has kept these rates constant. This means that the repo rate has been kept constant
RBI is preparing to bring digital currency
Reserve Bank of India is considering bringing its digital currency (virtual currency) into the country. If everything goes well then digital currency can be started in the country. Soon an Inter-Departmental Committee of RBI is going to take a decision on this. RBI believes that the need for virtual currency has been felt for a long time due to the rapidly changing circumstances of the payment industry, the trend of private digital tokens and rising expenses in preparing paper notes or coins. Has been The Central Bank Digital Currency (CBDC) is a legal currency and is the digital bank’s central
Big decision of RBI, RTGS service now available 24X7
The Reserve Bank of India (RBI) has announced that from 14 December 2020 the real time gross settlement system (RTGS) in the country will start working 24×7 hours throughout the year. This will facilitate a lot of people doing digital transactions. This service will be available to customers all the time from 12:30 pm today (December 14). According to the Reserve Bank of India, RTGS facility will be available 24 hours a day from 14 December. This means that you will be able to transfer money through RTGS anytime and anytime. RBI Governor Shaktikanta Das says that online transactions have
RBI directs HDFC Bank to stop selling new credit cards
The Reserve Bank of India has asked a private sector lender, HDFC Bank, to discontinue the new sourcing of credit cards to customers on a temporary basis, along with its digital launch. The central bank has also asked the bank to stop launching digital business-generating activities that are employed under Digital 2.0 as well as other proposed business IT applications. The RBI order came after HDFC’s mobile banking, internet banking and payment utilities reported outages in the last 2 years. Complaints of the bank’s payment system and Internet banking were also included in the complaints dated November 21, 2020, due
Now 24×7 facility transfer money from RTGS system by RBI
The Reserve Bank of India (RBI) has introduced a new time frame for the Real-Time Gross Settlement (RTGS) system, which has come into effect from December 1, 2020. This top bank of India has now provided the facility to customers to transfer funds on all days of every week on a 24×7 basis through real-time gross settlement (RTGS) system. As of November 30, 2020, the RTGS system provided the facility of transfer of funds to customers from 7 am to 6 pm on all working days of the week, except the second and fourth Saturdays of every month. The real-time
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