The Reserve Bank of India has decided to develop the UPI platform for feature phones with an aim to increase the penetration of digital payments in the Country.
To further encourage the use of UPI by retail investors, he said it is proposed to enhance the transaction limit for payments through UPI for Retail Direct Scheme and IPO applications from Rs 2 lakh to Rs 5 lakh.
It was widely expected that MPC would hold rates along with the accommodative stance.
Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,044 points after closing at 17,176 on Tuesday.
The Reserve Bank of India (RBI) reduced its policy rate 115 basis points over the first half of 2020, and it has remained at four percent since May 2020.
"Stricter NPA upgradation requirement is likely to push-up the NBFC and HFC (housing finance companies) NPAs of March 2022 by about 160-180 basis points and 60-80 basis points, respectively, over March 2021 levels," ICRA's Vice President, Financial Sector Ratings, A.M. Karthik said.
The RBI accepted the recommendation that no changes be made to the extant instructions related to the initial lock-in requirements of holding a minimum 40 per cent of the paid-up voting equity share capital of the bank for the first five years but said no cap on the promoters holding during the same period.
Centre on Tuesday listed a new bill for the upcoming Winter Session of Parliament which will seek to ban all private cryptocurrencies in the country, while allowing an official digital currency to be issued by the RBI.
India has potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India Governor Shaktikanta Das.
The high-level meeting comes after RBI Governor Shaktikanta Das sounded an alarm on cryptocurrencies, cautioning investors on the potential pitfalls of the digital currency.
Lenders have also been asked to specifically mention in the loan agreements the exact due date of a loan and the breakup of the principal and interest, among others, instead of giving a description of the due dates, which leaves scope for interpretation.
With the launch of the scheme, he said, "One Nation-One Ombudsman" has become a reality.
The Reserve Bank-Integrated Ombudsman Scheme aims to further improve the grievance redress mechanism for resolving customer complaints against entities regulated by RBI. The central theme of the scheme is based on 'One Nation-One Ombudsman' with one portal, one email and one address for the customers to lodge their complaints.
The continuation of strong government support "such as the expansion of the scope of the Emergency Credit Line Guarantee Scheme (ECLGS) and its extension till March 31, 2022" has helped companies manage temporary liquidity disruptions.
The decision was taken by the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi.
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