RBI Governor Shaktikanta Das has announced this in his address today. In this way, there will be no relief on your loan EMI nor will it increase because RBI has maintained the ‘status quo’ on the rates. In this way the repo rate will remain at 6.5 percent.

Stock market got enthusiasm – Nifty crossed 21 thousand for the first time

The stock market has accepted the RBI credit policy immediately. As soon as the RBI Governor’s address started, Nifty made a record high of 21,005.05 and was seen crossing the historical level of 21000.

RBI kept interest rates stable for the fifth consecutive time

Since there is no change in the repo rate in the monetary policy of RBI, banks will continue to get loans at the same rates. This is the fifth consecutive time that the Reserve Bank did not make any changes in its policy rates and kept them stable.

Reserve Bank’s estimate for GDP

The Reserve Bank has increased the GDP (Gross Domestic Product) estimate for the financial year 2024 from 6.5 percent to 7 percent. RBI has maintained the stance of ‘Withdrawal of Accommodation’ in credit policy.

RBI Governor made 2 new announcements for UPI

RBI Governor Shaktikanta Das said that the UPI transaction limit is being increased from Rs 1 lakh to Rs 5 lakh for every transaction in hospitals and educational institutions. This will benefit UPI transactions for the education and healthcare sectors.

Second announcement

In the monetary policy meeting, it has been recommended to make changes in the e-mandate for payments of recurring nature. Under this, the UPI limit for recurring transactions is being increased to Rs 1 lakh per transaction. The RBI Governor has proposed in his address to increase the limit of such UPI payment from Rs 15 thousand to Rs 1 lakh. Under this, the UPI limit will increase mainly for recurring UPI payment for mutual fund subscription, insurance policy premium and credit card repayments.

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The decision taken in the MPC today will be announced by RBI Governor Shaktikanta Das. A survey said that rising inflation still remains a challenge for the government. In such a situation, RBI can again maintain the policy repo rate at 6.5 percent only. If this happens, it will be the fifth consecutive time when a decision will be taken not to make any change in the repo rate during the MPC.

In a survey conducted by Reuters, 41 economists have expressed the possibility of retail inflation increasing in November. In fact, the rising prices of onion and tomato in the last few days have increased the government’s concern about inflation. Economist has predicted that this time the inflation rate may increase to 5.70 percent. Earlier in October it had fallen to 4.87 percent. The effect of inflation can also be seen in the current month of December.

There is no expectation of any change in the repo rate.

Apart from this, 9 financial experts have expressed the expectation of RBI not making any change in the repo rate this time too. Before this, the Central Bank has not made any change in the policy rate for four consecutive times. RBI had last increased the repo rate to 6.5 percent in February this year. The Reserve Bank had started the process of increasing the repo rate from May 2022. The repo rate was increased by 2.5 percent from May to February 2023.

What is repo rate?

The rate at which loans are given to banks by RBI is called repo rate. Increase in repo rate means that banks will get loans from RBI at expensive rates. This will increase the interest rates on home loan, car loan and personal loan etc., which will have a direct impact on your EMI.

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Presenting the Monetary Policy on Thursday, the Reserve Bank of India (RBI) has given important information in this regard. RBI governor has said that neither 500 notes will be closed nor there is any idea of ​​re-introducing 1000 notes. In such a situation, people did not make any guesses.

1000 note locker discussion is hot

Actually ever since RBI has given instructions to change 2000 notes. It is clear from this that after some time the bank can close the 2000 notes. In such a situation, there is a strong discussion that after closing the 2000 note, RBI can return the 1000 note. Apart from this, there is also talk that considering the way digital transactions have increased in the country, 500 notes may also be banned in the coming times. That’s why the RBI governor has tried to put an end to all the speculations.

Half of 2000 notes deposited

According to RBI, when the withdrawal of 2000 notes was announced, the value of these notes in circulation was Rs 3.6 lakh crore. Now RBI Governor Shaktikanta Das has informed that out of Rs 2,000 notes, Rs 1.80 lakh crore i.e. about half the 2000 notes have been returned.

Bankers were quoted as saying in a Reuters report that about three-fourths of Indians (75 percent People) are still opting for depositing notes in bank accounts. While very few people are choosing the option to exchange Rs 2000 notes.

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RBI has announced to launch a pilot project through which people will be able to get coins easily. Under this pilot project, RBI will install QR code based Coin Vending Machine.

Initially, QR code based coin vending machines will be installed in 12 cities under the pilot project. Giving information about the monetary policy, Shaktikanta Das said that RBI is taking this initiative to make the availability of coins accessible and easy for the people. According to the RBI governor, it will be linked to the bank account through Unified Payments Interface (UPI).

Coin vending machine will work like this

Coin vending machines are automatic machines that dispense coins instead of bank notes. To withdraw coins from this machine, the QR code has to be scanned and then money will be deducted from the account through UPI and coins of that value will come out.

Customers will be able to choose as many coins as they want and the rupee they want to withdraw. Earlier, there was a trend of cash-based coin vending machine in which coins were withdrawn in exchange for notes, but now only QR code will work.

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