It has also slashed its growth forecast for the present fiscal to 7.2 per cent from 7.8 per cent in February.
In a statement after the Monetary Policy Committee's bi-monthly meet, RBI Governor Shaktikanta Das said the real GDP growth is projected at 17.2 per cent in Q1FY23, at 7 per cent in Q2; at 4.3 per cent in Q3 and Q4 at 4.5 per cent.
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.
India has potential to grow at a reasonably high pace in the post-pandemic scenario, said Reserve Bank of India Governor Shaktikanta Das.
The decision was taken by the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi.
To measure the extent of financial inclusion in the country, it has been decided to construct and periodically publish a financial inclusion index (FII).
Mumbai: Concerned over fresh COVID-19 wave and elevated food inflation, Reserve Bank of India on Wednesday decided to keep benchmark interest rate unchanged at 4 per cent but maintained an…
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Mumbai: Reserve Bank of India (RBI) on Friday decided to leave benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cuts in the future if need arises to support the economy hit by the COVID-19 pandemic. The benchmark repurchase (repo) rate has been left unchanged at 4 per cent, […]
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New Delhi: As the economy reels under the pandemic and post lockdown woes, Reserve Bank of India (RBI) Governor Shaktikanta Das is of the view that extreme risk aversion by financial institutions will have adverse outcomes for all. Noting that India’s financial system remains sound, Das, in his foreword to the RBI‘s latest Financial Stability […]
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