RBI MPC on UPI and Floating Rate: With the aim of promoting digital payments, RBI has increased the limit of UPI Lite. Governor Shaktikanta Das announced this while announcing the decision of the monetary policy meeting today. Along with this, new guidelines were issued for banks and NBFCs regarding loans.
RBI MPC on UPI and Floating Rate: The decision of RBI MPC Meeting has come. In the meeting, it has been decided once again not to make any change in the repo rate. The repo rate will remain at 6.5%. At the same time, with the aim of promoting digital payment, RBI has increased the limit of UPI Lite.
Governor Shaktikanta Das announced this while announcing the decision of the monetary policy meeting today. Meanwhile, he also issued a new guideline for banks and NBFCs regarding non-business floating rate loans.
Know what the governor said
RBI Governor Shaktikanta Das announced the increase in the limit of UPI Lite wallet during his speech. The limit has been increased from Rs 2000 to Rs 5000. Meanwhile, he also proposed to increase the UPI limit on select transactions. At the same time, RBI also issued new guidelines for banks and NBFCs regarding non-business floating rate loans.
He said that banks and NBFCs cannot charge foreclosure charges and prepayment penalty on non-business floating rate loans. Meanwhile, he also said that the financial position of banks and NBFCs is strong. Banks and NBFCs should assess the exposure at the private level. However, there is concern about the growth of some NBFCs.
10 big things of monetary policy
1. RBI did not change interest rates, kept stable at 6.5%
2. 5 out of 6 members of MPC voted in favor of keeping rates stable
3. MPC unanimously changed the policy stance to ‘neutral’
4. GDP and inflation estimates reduced in the second quarter
5. Close watch on unsecured loans
6. Expressed concern and warned about the arbitrary growth in NBFC
7. No penalty on non-business floating loan prepayment
8. FY25 GDP growth estimate remains at 7.2%, CPI estimate remains at 4.5%
9. Q3, Q4FY25 GDP estimates raised to 7.4%
10. Q4FY25 CPI estimate reduced from 4.3% to 4.2%