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RBI has held the repo rate steady at 5.25% citing benign inflation, stable growth, and easing external pressures after trade deals.

RBI keeps interest rates on hold after US trade deal boosts outlook

RBI has held the repo rate steady at 5.25% citing benign inflation, stable growth, and easing external pressures after trade deals.

The Reserve Bank of India kept its benchmark interest rate unchanged on Friday, as expected, as inflation remained at manageable levels and growth concerns eased following increased government spending in the Budget and reduced tariff pressures after a trade deal with the United States.
The central bank's six-member Monetary Policy Committee (MPC) voted unanimously to keep the repurchase or repo rate at 5.25 per cent.
RBI retained its neutral policy stance, signalling that it is likely to remain on hold for now.
US President Donald Trump earlier this week announced a cut in tariffs on Indian goods to 18 per cent from 50 per cent, easing a key pressure point on India's economy and markets.
Announcing the decisions of the MPC, RBI Governor Sanjay Malhotra said external headwinds have intensified, but the successful completion of the trade deal with the United States bodes well for the economy.
The RBI has cut rates by a total of 125 basis points since February 2025, marking its most aggressive easing cycle since 2019.
It reduced rates by 25 basis points at its previous meeting in December.
While inflation remains benign, economic activity remains resilient.
"Amidst heightened geo-political tensions and elevated uncertainty, the Indian economy is in a good spot with strong growth and low inflation. Inflation remains below the tolerance band and its outlook continues to be benign," he said.
"With the signing of a landmark trade deal with the European Union and the US trade agreement in sight, growth momentum is likely to be sustained for a longer period."
Inflation is expected to average close to 2 per cent in the current financial year, below the central bank's target of 4 per cent.
GDP growth for the current fiscal year ending March 31 is forecast at 7.4 per cent.
The RBI raised real GDP growth projections for the first two quarters of the next fiscal to 6.9 per cent (April-June) and 7 per cent (July-September) but deferred full-year projection to April as the new GDP series will be released later this month.
Announcing additional measures, Malhotra said RBI will issue three draft guidelines relating to mis-selling, recovery of loans and engagement of recovery agents, and on limiting liability of customers in un-authorised electronic banking transactions.
"It is also proposed to introduce a framework to compensate customers up to an amount of Rs 25,000 for loss incurred in small-value fraudulent transactions," he said.
It will also publish a discussion paper on possible measures to enhance the safety of digital payments.
Such measures may include lagged credits and additional authentication for specific classes of users like senior citizens.
He also proposed doubling the limit for collateral-free loans to MSMEs Rs 20 lakh and allowing banks to lend to REITs to promote financing to the real estate sector.
Also, NBFCs having no public funds and customer interface, with asset size not exceeding Rs 1,000 crore, are proposed to be exempted from the requirement of registration.
The requirement for certain NBFCs to obtain prior approval to open more than 1,000 branches is also to be dispensed with.
For financial markets, Malhotra said RBI proposes to remove the limit of Rs 2.5 lakh crore for investments under the Voluntary Retention Route (VRR).
Investment through the VRR in each category of securities will be subject to the investment ceiling for the respective category under the General Route.
"The Indian economy continues to register high growth despite a challenging external environment clouded by geo-political uncertainties. Benign inflation provides the leeway to remain growth-supportive while preserving financial stability. We remain committed to meet the productive requirements of the economy and sustain the growth momentum," he added.
Commenting on the MPC decisions, Upasna Bhardwaj, Chief Economist, Kotak Mahindra Bank said, "The MPC delivered completely in line with expectations across rates and stance. The inflation outlook in H1,FY27 has been revised up marginally."
Inflation projection for H1,FY27 has been revised slightly higher to 4.1 per cent from 3.95 per cent but inflation outlook has remained benign.
"While uncertainty remains on the growth-inflation figures as we await the new series, the uptick in commodity prices and weaker currency may pose upside risks to inflation. We therefore see limited room for additional easing on the repo rate front, with RBIs focus expected to be on ensuring stability on the liquidity front in the year ahead," Bhardwaj said.

RBI Governor Sanjay Malhotra announced a new framework to compensate customers for small-value digital fraud, along with draft rules on mis-selling and loan recovery.

RBI to issue draft guidelines for protecting customers from mis-selling, among others

RBI's Customer Protection Initiatives Revealed

RBI Governor Sanjay Malhotra announced a new framework to compensate customers for small-value digital fraud, along with draft rules on mis-selling and loan recovery.

Reserve Bank Governor Sanjay Malhotra on Friday announced a new framework to compensate customers up to an amount of Rs 25,000 for loss incurred in small-value fraudulent transactions.
Announcing the last bi-monthly policy for the current financial year, Malhotra said, "we will also publish a discussion paper on possible measures to enhance the safety of digital payments. Such measures may include lagged credits and additional authentication for specific class of users like senior citizens."
For customer protection, he said, RBI will issue three draft guidelines: one, relating to mis-selling; two, regarding recovery of loans and engagement of recovery agents; and three, on limiting liability of customers in un-authorised electronic banking transactions.
"It is also proposed to introduce a framework to compensate customers up to an amount of Rs 25000 for loss incurred in small-value fraudulent transactions," he said.
The extant instructions on limiting the liability of customers in unauthorised electronic banking transactions were issued in 2017, which deal with scenarios and timelines for zero/limited liability of a customer.
In view of the rapid adoption of technology in the banking sector and payments systems, since issuance of these instructions, the existing instructions have been reviewed, he said.
Accordingly, he said, the draft revised instructions, including a framework for compensation in case of small value fraudulent transactions, would be issued shortly for public consultation.
Observing that misselling financial products and services by any regulated entities has significant consequences for both customers as well as on such entities, Malhotra said, there is a felt need to ensure that third party products and services that are being sold at the bank counters are suitable to customer needs and are commensurate with the risk appetite of individual clients.
"It has therefore been decided to issue comprehensive instructions to REs on advertising, marketing and sales of financial products and services. Draft instructions in this regard would be issued shortly for public consultation," he said.
He further said different sets of instructions are applicable to different categories of REs with respect to the engagement of recovery agents and conduct related aspects of loan recovery presently.
It has now been decided to review and harmonise all the extant conduct related instructions on engagement of recovery agents and other aspects related to recovery of loans, he said.
Accordingly, the RBI Governor said, the draft instructions in this regard would be issued shortly for public consultation.
Announcing Mission Mission Saksham, the RBI Governor said it is focussed on capacity building for Urban Cooperative Banks.
Stressing that the Primary (Urban) Co-operative Banks (UCBs) are vital institutions for promoting financial inclusion and serving the unbanked, he said, securing their next phase of growth would depend on developing stronger skills and competencies, along with technical capabilities and operational resilience in them.
To serve this objective, he said, the Reserve Bank will soon launch Mission SAKSHAM (Sahakari Bank Kshamta Nirman) -- a sector-wide capacity-building and certification framework.
The capacity building of the sector will be implemented through a large number of physical training programmes as well as a scalable learning platform, to cover about 1.40 lakh participants, across functions, he said.
The Reserve Bank would endeavour to conduct these training programmes at locations close to participating UCBs, with content delivery in regional languages to the extent feasible, he said.
The mission will be pursued in partnership with the umbrella organisation of UCBs and national/state federations.

RBI has raised GDP growth projections for FY27’s first two quarters, citing trade agreements, GST reforms and robust agricultural performance.

RBI revises FY27 Q1, Q2 GDP growth projections upward, defers full-year outlook to April policy after new GDP series

RBI Revises GDP Growth Forecasts for FY27 Q1 & Q2

RBI has raised GDP growth projections for FY27&rsquo;s first two quarters, citing trade agreements, GST reforms and robust agricultural performance.

The Reserve Bank on Friday revised upwards GDP growth forecast for the first quarter of the next fiscal year to 6.9 per cent and 7 per cent for the subsequent three months on the back of trade deals, GST rationalisation, and robust farm output.
In December, the RBI had projected real GDP growth for the June quarter of 2026-27 at 6.7 per cent and 6.8 per cent for the July-September period.
Projections for the full year 2026-27 will be announced in the next monetary policy statement in April after taking into account the new GDP and CPI series with updated base year (2024=100).
"The Indian economy continues on a steadily improving trajectory, with real GDP poised to register significantly higher growth of 7.4 per cent in 2025-26, as compared to the previous year. Amidst global headwinds, private consumption and fixed investment supported growth," RBI Governor Sanjay Malhotra said while unveiling the monetary policy.
Going forward, he said economic activity is expected to hold up well in 2026-27.
Agricultural activity will be supported by healthy reservoir levels, robust rabi sowing, and improvement in crop vegetation conditions.
Further, improving corporate sector performance and sustained momentum in the informal sector should boost manufacturing activity, he said.
Also, construction sector growth is expected to remain firm and services sector should continue to be resilient, with strengthening domestic demand.
On the demand side, the momentum in private consumption is expected to sustain in 2026-27 while rural demand continues to be steady, the governor said.
The governor said recovery in urban consumption should further strengthen with continued support from GST rationalisation and monetary easing.
"High capacity utilisation, accelerating bank credit, conducive financial conditions, and the government's continued emphasis on infrastructure should give an impetus to investment activity," Malhotra said.
He further said the recently concluded India-EU free trade agreement (FTA) and the prospective India-US trade deal, along with several other trade agreements, will support exports over the medium-term.
Moreover, several measures announced in the Union Budget should also be conducive for growth.

The Reserve Bank of India has paused its rate-cut cycle and retained the repo rate at 5.25% in its latest policy review, citing geopolitical risks, low inflation, and currency pressures.

RBI keeps repo rate unchanged at 5.25%, maintains neutral stance amid global policy divergence

RBI Holds Repo Rate Amid Global Economic Challenges

The Reserve Bank of India has paused its rate-cut cycle and retained the repo rate at 5.25% in its latest policy review, citing geopolitical risks, low inflation, and currency pressures.

After a 25 basis point rate cut in December, the RBI on Friday decided to pause on the policy rate front amid geopolitical uncertainties.&nbsp;
This is the first monetary policy review after Finance Minister Nirmala Sitharaman announced the Budget for financial year 2026-27.
Announcing the sixth and final bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has decided to retain short-term lending rate or repo rate at 5.25 per cent with a neutral stance.
The rate cut pause comes on the back of the CPI-based headline retail inflation ruling below the 2 per cent lower band mandated by the government for the last four months. The central bank has been tasked by the government to ensure that consumer price index (CPI) based retail inflation remains at 4 per cent with a margin of 2 per cent on either side.
Since February 2025, the RBI has reduced the policy rate by 125 basis points. In its previous policy review in December, it had trimmed the repo rate by 25 basis points to 5.25 per cent.
Based on the recommendation of the MPC, the RBI reduced the repo rate by 25 bps each in February, 2025 and April, and 50 basis points in June amidst easing retail inflation. However, the central bank halted its rate cut in August.
In the last MPC meeting, the RBI again went for reduction in repo rate by 25 basis points to 5.25 per cent. India's retail inflation dropped to a historic low of 0.25 per cent in October 2025, marking the lowest level since the CPI series was introduced.
Besides, the Indian economy has clocked better-than-expected GDP growth of 8.2 per cent in the second quarter. As per the government estimate, India's economy is estimated to grow at 7.4 per cent during the ongoing financial year.
However, the rupee declined to historic low and crossed 92 against a dollar last week making imports costlier, raising fears of rise in inflation. Rupee has depreciated by about 6 per cent in calendar year 2025.

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI launches exclusive '.bank.in' domain to curb financial frauds, enhances digital security measures

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI Governor Sanjay Malhotra, while unveiling the Monetary Policy on Friday, introduced an exclusive ".bank.in" internet domain for Indian banks to curb financial fraud.
He also announced stricter authentication protocols for digital transactions to enhance security in the banking system.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "Reserve Bank has been taking various measures to enhance digital security in the banking and payments system. The introduction of an additional factor of authentication for digital payments is one&hellip; <a href="https://t.co/gNCkc4U0gh">pic.twitter.com/gNCkc4U0gh</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887730330507047028?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
<h3>Launch of Exclusive Banking Domain</h3>
Malhotra stated, "The Reserve Bank shall implement the bank.in exclusive Internet domain for Indian banks." This initiative, set to be implemented from April 2025, aims to help customers distinguish legitimate banking websites from fraudulent ones.
Additionally, a separate ".fin.in" domain will be introduced for the broader financial sector.
<h3>Tackling Digital Fraud with Stronger Authentication</h3>
Expressing concerns over rising digital fraud cases, Malhotra emphasized the need for collective action.
"The surge in digital fraud is a matter of concern. It warrants action by all stakeholders. The Reserve Bank has been taking various measures to enhance digital security in the banking and payment system," he said.
To further strengthen security, the RBI has extended additional authentication measures to online international transactions made to offshore merchants.
Malhotra added, "The introduction of an additional factor of authentication for digital payments is one such measure. It is now proposed to extend this to online international digital payments made to offshore merchants who are enabled for such authentication."
This step ensures safer cross-border transactions and minimizes fraud risks.
<h3>Enhancing Risk Management and Market Participation</h3>
To help market participants manage interest rate risks effectively, the RBI will introduce a new forward contract for government securities. This will benefit long-term investors such as insurance funds, allowing more efficient pricing of derivatives linked to government securities.
In an effort to boost retail participation in government securities, the RBI will expand access to the NDS-OM platform, which facilitates secondary market trading of government bonds.
This move will allow non-bank brokers registered with SEBI to access the platform, deepening the bond market and increasing participation from non-bank financial entities.
<h3>Review of Market Trading and Settlement Timings</h3>
Acknowledging evolving market conditions, the RBI will establish a working group to conduct a comprehensive review of trading and settlement timings across five different RBI-regulated financial markets. The group, consisting of various market stakeholders, is expected to submit its report by April 30, 2025.
<h3>Stable Banking System and Liquidity Buffers</h3>
The credit-deposit ratio (CDR) of banks stood at 80.8% as of January 2025, remaining stable compared to September 2024. Malhotra reassured that liquidity buffers in banks remain adequate, with strong Return on Assets (RoA) and Return on Equity (RoE), despite a slight moderation in net interest margins.
He also confirmed that the financial system for Non-Banking Financial Companies (NBFCs) remains robust.

In a major policy shift, the RBI under new Governor Sanjay Malhotra has cut interest rates for the first time in five years, reducing the rate to 6.25%. The move aligns with Budget 2025-26's focus on boosting economic growth and middle-class relief.

RBI cuts policy rate by 25 bps to 6.25 pc, first reduction in five years

In a major policy shift, the RBI under new Governor Sanjay Malhotra has cut interest rates for the first time in five years, reducing the rate to 6.25%. The move aligns with Budget 2025-26's focus on boosting economic growth and middle-class relief.

The RBI under new Governor Sanjay Malhotra on Friday cut interest rate for the first time in nearly five years as the central bank pivoted the policy stance to support a shuttering economy.
The 25 basis points rate cut to 6.25 per cent comes after last rate reduction in May 2020. The last revision of rates happened in February 2023 when the policy rate was hiked by 25 basis points to 6.5 per cent.
&nbsp;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "The Monetary Policy Committee unanimously decided to reduce the policy rate by 25 basis points from 6.5% to 6.25%..." (Source - RBI) <a href="https://t.co/wIOOfpAwS4">pic.twitter.com/wIOOfpAwS4</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887723566847897755?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
&nbsp;
&nbsp;
The Monetary Policy Committee (MPC) unanimously decided to slash policy rate by 25 basis points to 6.25 per cent, Malhotra said.
The interest rate cut comes within a week of Finance Minister Nirmala Sitharaman in Budget 2025-26 providing biggest ever tax break to the middle class to boost consumption after the economy has slowed to its lowest pace since the pandemic.
The rate increase cycle was paused in April 2023 after six consecutive rate hikes, aggregating to 250 basis points since May 2022. The last rate hike was done by RBI in February 2023.
Post Budget, the Finance Ministry made a case for rate cut by saying that fiscal and monetary policy should work in tandem.
It was an indication that the RBI should cut rate as the Union Budget has announced several measures including income tax relief.
Earlier this week, Finance Secretary Tuhin Kanta Pandey had said the government has taken measures to lower fiscal deficit and delivered a non-inflationary Budget, and hoped that the RBI&rsquo;s monetary policy will work in tandem with fiscal policy to support growth.
The Budget 2025-26 announced slew of measures including significant income tax cuts for the middle class, benefiting 1 crore tax payers.
Besides, the government has bettered its fiscal deficit projections for the current fiscal as well as the next.
The fiscal deficit for FY25 has been pegged at 4.8 per cent of GDP, lower than budgeted 4.9 per cent, while for FY26 the deficit is projected at 4.4 per cent, lower than what was given in the consolidation roadmap.

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. 

Sanjay Malhotra Assumes Charge as 26th RBI Governor

Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank.

Sanjay Malhotra has officially taken over as the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure concluded on December 10. Malhotra assumed office at the Mint Street headquarters today and is set to address the media at 3 PM.
Malhotra's appointment marks the continuation of a tradition of civil servants leading the central bank. He is the second consecutive IAS officer to hold the position, bringing with him a robust background in public administration and finance.
A "Peacetime General" Takes Charge
Dubbed as a "peacetime general," Malhotra steps into the role at a time when India's economy is largely stable, though there is heightened anticipation of potential interest rate cuts in the near future. His three-year term will see him navigating a landscape shaped by global economic uncertainties and domestic growth aspirations.
Professional Credentials
 Malhotra, a 56-year-old IAS officer of the 1990 batch from the Rajasthan cadre, boasts an illustrious career. Prior to his appointment, he served as the Union Revenue Secretary, where he played a pivotal role in enhancing tax collections. He also held the position of Chairman and Managing Director at Rural Electrification Corporation (REC) Limited, contributing significantly to India's infrastructure development.
An alumnus of IIT Kanpur, Malhotra furthered his education with a master&rsquo;s degree in Public Policy from Princeton University, USA, equipping him with a blend of technical expertise and strategic acumen.
Outlook
 Malhotra&rsquo;s leadership is expected to focus on ensuring monetary stability, fostering economic growth, and addressing challenges in the financial sector. Stakeholders will keenly watch his initial decisions, especially regarding interest rates, as he begins his tenure.

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das Concludes Tenure as RBI Governor

Shaktikanta Das ended his six-year tenure as RBI Governor, marked by effective handling of economic challenges. His leadership during the pandemic strengthened India's financial stability, leaving a lasting impact.

Shaktikanta Das is stepping down as the 25th Governor of the Reserve Bank of India (RBI) after a six-year tenure, with Sanjay Malhotra, the current Revenue Secretary, set to succeed him as the 26th Governor.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318590531510753?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 
&nbsp;
In a message on the microblogging platform X, Das expressed his gratitude for the opportunity to serve the country. He thanked Prime Minister Narendra Modi for the trust and guidance he received throughout his term. 
<blockquote class="twitter-tweet">
Immensely grateful to the Hon&rsquo;ble PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866318979628708315?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
 "I will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. I&rsquo;m deeply grateful to PM @narendramodi for allowing me the chance to serve the nation and for his continuous guidance and encouragement," Das wrote. 
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
Heartfelt thanks to Hon&rsquo;ble FM <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866319259363578259?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
Das also expressed appreciation for Finance Minister Nirmala Sitharaman, highlighting the crucial role of fiscal and monetary coordination during his tenure. "My heartfelt thanks to Hon&rsquo;ble FM @nsitharaman for her unwavering support. The fiscal-monetary coordination between us helped in overcoming multiple challenges in the past six years," he added.
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture,cooperative &amp; service sectors for their inputs and policy suggestions. (4/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866320790611996873?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you. (5/5)
&mdash; Shaktikanta Das (@DasShaktikanta) <a href="https://twitter.com/DasShaktikanta/status/1866321083986542871?ref_src=twsrc%5Etfw">December 10, 2024</a></blockquote>
&nbsp;
&nbsp;
Reflecting on his time at the helm of RBI, Das thanked his colleagues at the central bank for their collective efforts in navigating a difficult period. "A big thank you to Team RBI for successfully steering the institution through unprecedented global shocks. I wish RBI continued growth as a pillar of trust and credibility," he said.
Das&rsquo; leadership saw RBI through numerous significant events, including the aftermath of demonetization, the COVID-19 pandemic, and the challenges posed by global inflation, leaving a lasting impact on India&rsquo;s economic stability.

RBI introduces a new name verification feature for RTGS and NEFT, enhancing security and reducing fraud risks. With massive growth in digital transfers, this update ensures funds are sent to the correct recipient before completing a transaction.

RTGS & NEFT Get Safer with RBI's New Beneficiary Name Lookup: It’s Similar To How UPI Works

RBI introduces a new name verification feature for RTGS and NEFT, enhancing security and reducing fraud risks. With massive growth in digital transfers, this update ensures funds are sent to the correct recipient before completing a transaction.

Want to see the name of the account holder while transferring money through RTGS and NEFT, just like you can when making a UPI payment?
Well, the Reserve Bank of India has just granted your wish.
You heard RBI Governor Shaktikanta Das sharing the details on this game-changing update.
So, how does this help you? First, it ensures your money goes to the right person. Second, it helps reduce the risk of fraud and wrong credits.
This move couldn&rsquo;t come at a better time!
Did you know that between 2014 and 2023, RTGS and NEFT usage exploded by 200% and 700% respectively? And when we talk about value, they&rsquo;ve grown by 104% and a whopping 670%! That&rsquo;s a lot of money flowing through these systems.
For those of you who might not know the difference, here&rsquo;s a quick breakdown:
NEFT is perfect for low-value transfers. You can send as little as 1 rupee, and while it takes up to 2 hours to complete, it&rsquo;s available 24x7.
On the other hand, RTGS is for high-value transactions, with a minimum limit of 2 lakh rupees, and it&rsquo;s designed for instant transfers.
&nbsp;So, why is the new feature a big deal? Well, with the ability to see the recipient&rsquo;s name before hitting that &lsquo;send&rsquo; button, you&rsquo;ll have greater confidence that your hard-earned money is going to the right account.
It&rsquo;s another step by RBI to make digital payments more secure and efficient.
What do you think of this new feature? Will it make you feel safer when transferring large amounts? Drop your thoughts in the comments below!
And if you found this update helpful, don&rsquo;t forget to like, share, and subscribe BusinessHook for more content like this. Until next time, keep your transactions safe and your wallets happy!

Das stands alongside Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, all earning the coveted 'A+' rating

RBI Governor Shaktikanta Das ranked world's top central banker again

Das stands alongside Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, all earning the coveted 'A+' rating

RBI Governor Shaktikanta Das has once again showcased his exceptional leadership on the global stage. For the second year in a row, Das has been crowned the world&rsquo;s top central banker, securing an 'A+' rating from the Global Finance magazine. Das stands alongside Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan, all earning the coveted 'A+' rating. Global Finance's Central Banker Report Cards evaluate leaders based on their success in managing inflation, driving economic growth, stabilizing currency, and navigating interest rate policies. An 'A' grade signifies excellence, while an 'F' marks failure. Celebrating the achievement, the RBI also highlighted Das's achievement.PM Modi also congratulated Das on receiving top rating in a global ranking of central bankers, lauding it as a recognition of his leadership. The magazine noted that, as central bankers worldwide combat inflation with higher interest rates, the results are now visible, with significant drops in inflation rates across the globe.

RBI Governor Shaktikanta Das says interest rates to stay high at the moment due to global inflation troubles. Check for more details here.

Interest rates to stay high at the moment amid global inflation troubles, says RBI Governor Shaktikanta Das

RBI Governor Das emphasizes active disinflation, addresses global challenges, and stresses financial stability. India's resilience and banking sector's strength highlighted amidst economic uncertainties

RBI Governor: High interest rates to stay amid global inflation troubles 

<h2>RBI Governor Das emphasizes active disinflation, addresses global challenges, and stresses financial stability. India's resilience and banking sector's strength highlighted amidst economic uncertainties</h2>

Reserve Bank of India (RBI) Governor Shaktikanta Das has emphasized the need for an actively disinflationary monetary policy to ensure a smooth decline in inflation.&nbsp;
"Interest rate will remain high at the moment, (for) how long, only time will tell," the governor said at Kautilya Economic Conclave 2023.
He stated that price stability and financial stability complement each other and it has been an endeavour at RBI to manage both efficiently. The Governor also highlighted the challenges of global inflation, slowing growth, and risks to financial stability.
Governor Das said the RBI has maintained a pause on policy rates in 2023 so far and that the 200 basis points hikes are still working through the system.&nbsp;
The RBI&rsquo;s inflation target for FY24 is 5.4%, with Q2 at 6.4%, Q3 at 5.6%, and Q4 at 5.2%. The Governor expressed confidence in India&rsquo;s ability to maintain minimum capital requirements.
<h3>Challenges in monetary policy</h3>
Das stressed the perpetual challenges in crafting effective monetary policies. He emphasized the absence of room for complacency, highlighting the delicate balance between promoting growth and ensuring financial stability, often leading to conflicts between these objectives.
<h3>Financial markets&nbsp;</h3>
Governor Das underscored the heightened sensitivity of financial markets to even the slightest information. The reaction of these markets to policy alterations and economic data has become a pivotal aspect of policy-making, demanding careful consideration and swift response.
<h3>Financial stability</h3>
In the face of these challenges, Das emphasized the expanded responsibility of central banks, including the RBI, in maintaining financial stability. However, he acknowledged the complexity of quantifying financial stability, posing a challenge to effective policy implementation.
<h3>Resilience of the banking sector</h3>
Governor Das highlighted the results of macro stress tests, indicating that Scheduled Commercial Banks (SCBs) are expected to meet regulatory capital levels even under severe economic conditions.
He stressed the significance of identifying vulnerabilities during favourable economic periods to avert potential crises, especially emphasizing the vigilance of non-banking financial companies (NBFCs) in their preparations for the future. Also Watch: <a href="https://www.editorji.com/business-news/personal-finance/rbi-urges-banks-and-nbfcs-to-monitor-personal-loan-disbursements-1696601975796">RBI urges banks and NBFCs to monitor personal loan disbursements</a>

RBI governor Shaktikanta Das while speaking at the Global Fintech Fest urged the Fintech players to form a self regulatory organisation

RBI Governor asks fintech players to form self regulatory organisation

RBI governor Shaktikanta Das while speaking at the Global Fintech Fest urged the Fintech players to form a self regulatory organisation

Fintech players should form a self regulatory organisation for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, RBI Governor Shaktikanta Das said on Wednesday.
Addressing the industry at the Global Fintech Fest here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns.
"I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process.
Also Read: <a href="https://www.editorji.com/business-news/sebi-to-clamp-down-on-finfluencers-puts-out-consultation-paper-to-accept-public-suggestions-till-sep-15-1693220855887">SEBI to clamp down on Finfluencers: Puts out consultation paper, to accept public suggestions till Sep 15</a>
The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event.
Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns.
He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders.
Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements.
Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity.
"&hellip; to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added.
He said that good governance will be key to durable and long term success of any company and in particular, the fintech players.
Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner.
"Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said.
While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector".
Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front.
The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023.
RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said.
Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest.
"We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray,"

During the last monetary policy committee meeting held between June 6-June 8, the repo rate was left unchanged at 6.5%. CPI inflation projected at 5.1% for 2023-24


RBI Monetary Policy Committee minutes: Members differ on policy stance

During the last monetary policy committee meeting held between June 6-June 8, the repo rate was left unchanged at 6.5%. CPI inflation projected at 5.1% for 2023-24

The Reserve Bank of India has released the minutes of the recent RBI Monetary Policy Committee meeting during which the repo rates were left unchanged and the stance of withdrawal of accommodation was maintained.&nbsp;
The minutes reveal the individual views of each of the MPC members. While the vote to remain status-quo on the repo rate was unanimous, there were some differing views that were voiced.&nbsp;
RBI Governor Shaktikanta Das has made it clear that the battle against inflation is not yet won. &ldquo;Our job is only half done&rdquo;, he says.&nbsp;
Dr. Shashanka Bhide highlights the upside risks to inflation, he says that it is necessary to ensure that the policy framework is focused on achieving the inflation target while supporting growth.
Dr Ashima Goyal said, &ldquo;As expected inflation falls, however, it is important that real repo rate does not rise too high&rdquo;. While voting for the present stance to continue, Dr Goyal explained that it was not possible to give a signal about future action.
Dr Jayant Varma however, was of an opposing view on the stance. Mincing no words, he says the stance is becoming more and more disconnected from reality. &ldquo;The monetary policy is now dangerously close to levels at which it can inflict significant damage to the economy&rdquo;, he adds.&nbsp;
Dr Rajiv Ranjan, while pointing out that the actions taken so far are working in the right direction, says &ldquo;It needs to be acknowledged, however, that knowing when to stop is hard&rdquo;. &nbsp;He also adds that its time &ldquo;to emphasise the distinction between the inflation target and tolerance of deviations from the target&rdquo;.&nbsp;
Dr. Michael Debabrata Patra also highlighted the upside risks to inflation. He says "Holding the rate unchanged should not be interpreted as the interest rate cycle having peaked, but as a period of careful evaluation of a decision on the extent of additional policy tightening, if needed."&nbsp;&nbsp;
&nbsp;

While addressing a conference of bank directors, RBI governor highlighted specific instances where banks used 'innovative methods' to conceal the real status of stressed assets. 

RBI governor Shaktikanta Das red flags governance gaps in certain banks 

While addressing a conference of bank directors, RBI governor highlighted specific instances where banks used 'innovative methods' to conceal the real status of stressed assets.&nbsp;

Reserve Bank of India's governor Shaktikanta Das has raised concerns over governance gaps in certain banks despite there being clear guidelines in place for corporate governance.&nbsp;
The governor was addressing directors of banks at a conference organised by the Reserve Bank of India. Pointing out that such gaps have the potential to cause volatility in the overall banking sector, the governor said&nbsp; "It is essential that boards and managements do not allow such gaps to creep in."&nbsp;
Das said that the central bank discovered several instances during the RBI's supervisory procedure when creative methods were employed to hide the true situation of stressed loans.
"To mention a few, such methods include bringing two lenders together to evergreen each other&rsquo;s loans by sale and buyback of loans or debt instruments; good borrowers being persuaded to enter into structured deals with a stressed borrower to conceal the stress," said Das.
Das further said: "We have also come across a few examples where one method of evergreening, after being pointed out by the regulator, was replaced by another method."
The governor also emphasised that bank board members should not have any conflicts of interest that could impair their independence and objectivity.
"It is the responsibility of the Board to ensure that policies are in place to identify potential conflicts of interest and deal with them," Das said.

The Reserve Bank of India hiked the repo rate by 25 basis points. The credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced. 

Soon, rules for penal charges on loans, QR code based coin vending machines by RBI 

RBI's credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced. 

The Reserve Bank of India hiked the repo rate by 25 basis points. The credit policy announcement also included a slew of other measures including penal charges on loans, draft rules for which will soon be announced.&nbsp;

RBI governor announced a slew of additional measures during the credit policy announcement.
Guidelines for levying penal charges on loans&nbsp; The central bank will soon issue draft guidelines to standardise the process of levying penal charges on loans. The governor pointed out that currently, the penal charges levied are not uniform and in certain cases are even excessive. These guidelines will help enhance transparency and consumer protection. Once the draft guidelines are ready and before being finalised, stakeholders will have the opportunity to put forth their comments and suggestions.
Climate Risk &amp; Sustainable Finance&nbsp; RBI will issue guidelines related to climate change risk. Basis the feedback on the discussion paper, RBI has decided to put in place guidelines for:&nbsp; 1. Framework for accepting green deposits&nbsp; 2. Disclosure framework on climate-related financial risks&nbsp; 3. Guidance on climate scenario analysis and stress testing&nbsp; RBI governor said, &ldquo;These measures will ensure that out financial system starts developming and building in the forces of resilience to withstand any possible emergency of vulnerability to climate change&rdquo;.
UPI facility for foreign travellers to India&nbsp; The Reserve Bank on Wednesday allows inbound travellers from G20 nations arriving at select airports to use UPI for making payments in the country. This facility will later be extended to travellers from other countries as well.
QR Code based Coin Vending Machine To increase accessibility to coins, RBI will launch a pilot project on QR code based coin vending machine. These machines will dispense coins against a debit to a customer's account using UPI. The pilot will be launched in 12 cities.&nbsp;

The Reserve Bank allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country

Travellers from G20 nations can use UPI for payments in India: RBI

The Reserve Bank has allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country

The Reserve Bank on Wednesday allowed inbound travellers from G20 nations arriving at select airports to use the popular UPI for making payments in the country.
Later, the RBI also proposes to extend the Unified Payments Interface (UPI) facility to travellers from all countries.
UPI is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing &amp; merchant payments into one hood.
"UPI has become hugely popular for retail digital payments in India. It is now proposed to permit all inbound travellers to India to use UPI for their merchant payments (P2M) while they are in the country," RBI Governor Shaktikanta Das said while unveiling the latest monetary policy.
To begin with, the facility will be extended to travellers from G20 countries arriving at select international airports, he said.
India has assumed the presidency of G20 for one year from December 1, 2022 to 30 November, 2023.
The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.
It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union (EU).

RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May&nbsp;

RBI Monetary Policy Live Updates: Repo rate hiked by 35 bps

RBI has hiked the repo rate for the fifth time in a row

RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May&nbsp;

The Reserve Bank of India's Monetary Policy Committee voted 5-1 to increase increase repo rate by 35 basis points to 6.25 percent, RBI Governor Shaktikanta Das said on December 7. Further, Standing Deposit Facility rate and Marginal Standing Facility rate are also increased by 35 basis points each to 6 percent and 6.5 percent, respectively.

RBI keeping ‘Arjun’s eye’ on inflation; E-rupee for retail launch in Nov says Guv Shaktikanta Das 

RBI keeping ‘Arjun’s eye’ on inflation

RBI keeping &lsquo;Arjun&rsquo;s eye&rsquo; on inflation; E-rupee for retail launch in Nov says Guv Shaktikanta Das&nbsp;

The Reserve bank of India (RBI) 
What is e-rupee (digital rupee)?E-rupee or digital rupee is a digital version of the Indian rupee that the RBI is exploring. The RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. According to the indirect model proposed by the RBI, you will hold the digital rupee in a wallet with a bank or service provider.

While the digital rupee is identical to banknotes, it will be tailored for speedier and less expensive settlements.
As India already has a robust digital payment infrastructure like UPI, digital wallets like Paytm, Gpay, etc. the upcoming digital payment system must be compatible and interoperable with them.
 


What is RBI's e-Rupee? 10 things you need to know about e-rupee RBI

What is RBI's e-Rupee? 10 things you need to know about it

In the 2022 Union budget, finance Minister Nirmala Sitharaman has announced the launch of e-rupee

RBI e-Rupee : While most countries are currently exploring the idea of central bank owned digital currency for their nation, India is also working towards introducing what is known as 'digital rupee'.&nbsp;
The Reserve Bank of India (RBI) said this in a concept note on central bank digital currency (CBDC) aimed to create awareness about such currencies in general and the planned features of the <a href="https://www.editorji.com/business-news/budget/budget-2022-what-is-digital-rupee-that-rbi-will-introduce-all-you-need-to-know-1643728554988">Digital Rupee</a>, in particular, according to a release. India's CBDC will be called 'e-rupee'.
<h3>EJbiz points key highlights of the RBI's concept note on digital currency:</h3>
1. E-rupee or digital rupee is a digital version of the Indian rupee that the RBI is exploring. The RBI has proposed to issue two versions - wholesale for interbank settlement and retail for the public. According to the indirect model proposed by the RBI, you will hold the digital rupee in a wallet with a bank or service provider.
2. The digital currency must be accepted as a medium of payment, legal tender and a safe store of value by all citizens, enterprises and government agencies.
3. A large-scale pilot will be conducted, with users from different income levels, literacy levels, regions, genders and age groups. The Digital Rupee will be designed in a manner that's least disruptive to existing financial system.&nbsp;
4. While the digital rupee is identical to banknotes, it will be tailored for speedier and less expensive settlements.
5. Noting that out of 143.3 crore population, only 82.5 crore people have internet access, for financial inclusion it is necessary that the <a href="https://www.editorji.com/business-news/rbi-launches-upi123pay-a-digital-payment-method-without-internet-1646742141840">digital payment</a> support offline capability.
6. The wallets must be capable of independently verifying the validity of any CBDC transaction without interacting with the server during the transactions.
7. Unlike cryptocurrencies, which are private in nature, RBI&rsquo;s Central Bank Digital Currency (CBDC) will be issued and controlled by the central bank itself.
8. As India already has a robust digital payment infrastructure like UPI, digital wallets like Paytm, Gpay, etc. the upcoming digital payment system must be compatible and interoperable with them.
9. The goal of the digital rupee is to mimic the characteristics of money. But unlike bank deposits, it wouldn&rsquo;t pay interest.
10. Citing concerns of security, the RBI concept note states that central bank digital currency ecosystems may be at a similar risk of cyber-attacks that the current payment systems are exposed to. "The cybersecurity considerations need to be taken care of both for the item and the environment.
<a href="https://www.editorji.com/business-news/budget/budget-2022-what-is-digital-rupee-that-rbi-will-introduce-all-you-need-to-know-1643728554988">What is digital rupee that RBI will introduce? All you need to know</a> &nbsp;

RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent

RBI's MPC to discuss inflation report on Nov 3

RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent

In order to keep retail inflation below the target, the Reserve Bank will hold a special meeting of its rate-setting committee on November 3.
According to reports, RBI is going to prepare a report for the government on why it failed to keep retail inflation below the target of 6 per cent for three consecutive quarters since January.
The six-member Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das will prepare the report on reasons for failure to meet the inflation target as well as the remedial measures the central bank is taking to bring down prices in the country.
"Under the provisions of Section 45ZN of the Reserve Bank of India (RBI) Act 1934... an additional meeting of the MPC is being scheduled on November 3, 2022," RBI said in a statement. RBI has been aggressively raising the key interest rate since May in a bid to contain inflation. It has so far raised the short term lending rate by 190 basis points taking the rate to a nearly three-year high of 5.9 per cent.
The next bi-monthly meeting of MPC is is scheduled to be held from December 5-7, 2022.

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