RBI maintains its policy rates at their current levels
The Reserve Bank of India (RBI) has decided to keep the repo rate at 6.50 per cent, according to the bimonthly Monetary Policy Statement delivered by RBI Governor Shaktikanta Das. The Monetary Policy Committee (MPC) unanimously decided not to raise the repo rate, which had been raised six consecutive times prior to this announcement.
Despite some experts predicting a 0.25% increase in the repo rate, in line with recent decisions made by central banks worldwide, the RBI Governor stated that the current economic recovery did not require a change in policy rate. He also praised the resilience of India’s economy, which remained strong despite global tensions.
Apart from discussing the repo rate, the RBI Governor also highlighted the stability of the rupee and the rebound of foreign exchange reserves to over US$ 600 billion. He stated that the RBI would maintain its focus on keeping the rupee strong. The Governor also announced the launch of a web-based centralised portal called ‘PRAVAAH’. The portal will enable entities to apply for licenses, authorizations, or regulatory approvals from the RBI. The portal will also display time limits for deciding on the applications.
Additionally, the RBI will develop a web portal to enable a search across multiple banks for possible unclaimed deposits. The aim is to improve and widen the access of depositors/beneficiaries to information on unclaimed deposits. Finally, the scope of the Unified Payments Interface (UPI) will be expanded to permit the operation of pre-sanctioned credit lines at banks through the UPI.
