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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Several major decisions have been taken by the Central Government and RBI regarding the notes. In the first year 2016, demonetisation took place, after that new notes of Rs 2000 were issued in the market and now once again it has been decided to withdraw Rs 2000 notes (2000 Rupees Note). You have time till September 30 to deposit the 2000 note. Meanwhile, now big news is coming out on 1000 and 500 rupee notes. RBI Governor Shaktikanta Das has issued a statement regarding Rs 1000 note.

Will 1000 rupee note be issued?

After taking out the 2000 rupee note from circulation, the question was coming in everyone’s mind that now will RBI issue a new note of 1000 rupees? Or else the Rs 500 note will become the biggest note in the country.

Sufficient notes are available in the market,

the RBI governor has said at this time that the government has no plans to issue Rs 1000 notes at present. At present, there are enough notes of other denominations in the market, so there is no plan to introduce any new notes in the market. After September 30, when Rs 2000 notes will be out of circulation, then it will be seen what to do.

Many types of questions are being raised on social media

Ever since the news of Rs 2000 note being out of circulation, many types of questions were being raised in people’s mind regarding Rs 1000 note. Such news has been seen many times on social media, which is being denied by RBI every time.

It is not necessary that any new currency should come in the market, ahead of this, the RBI governor said that removing any currency from the market does not mean that any new currency should be brought in the market. However, for large transactions in the system, it is necessary to have large bank notes.

In such a situation, if Rs 500 note remains the biggest currency, then surely it is going to be thought. Now whether new notes will come or not will have to wait.

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The Reserve Bank has taken a big decision today, expanding the scope of the UPI payment system. RBI Governor Shaktikanta Das said that now overdraft facility can also be used for UPI payment. This means, if an account holder has got overdraft facility then he can use this credit line for UPI payment. Please tell that this facility is not available with every bank account. However, limited customers definitely get this facility from every bank.

UPI dominates digital transactions

The Reserve Bank is constantly working on plans to expand the UPI payment ecosystem. UPI dominates digital retail transactions and 75% of transactions are done with its help. Till now UPI is mainly used with the help of deposit accounts. Transactions can be done with the help of UPI only if there is money in your account. After the latest order of the Reserve Bank, if credit line ie overdraft facility is available with an account, then UPI transactions can be done with this amount also.

UPI linked to wallet in some cases

Announcing the monetary policy, Governor Das said that it is related to the already approved loan. At present, apart from deposit accounts, UPI transactions are also done with the help of WALLET and prepaid cards in some cases. Governor Das said that RBI will issue detailed instructions in this regard very soon.

Acceptance of digital banking will accelerate

In this regard, Indian Banks’ Association (IBA) President AK Goyal said that the purpose of expanding the scope of UPI by including pre-sanctioned credit lines in banks is to increase access to institutional credit.

Anand Kumar Bajaj, Founder and CEO of PayNearby, said that the decision to expand the scope of UPI by allowing pre-approved credit lines in banks through UPI is a positive step. With this, it will be easier for the customers to access the facility of getting loans. This will accelerate the acceptance of digital banking in the country.

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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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RBI Governor Shaktikanta Das has given this information. Shaktikanta Das has told that if your address has changed, then you should send your new address to the bank on email or registered mobile number. It has been clearly stated by RBI that if you have KYC in one bank, then there is no need to do KYC again, you just have to share your CKYCR identifier number with the bank. If your bank asks you to do so, then you can complain to your bank.

RBI Governor Shaktikanta Das

Giving information on this subject, Reserve Bank of India Governor Shaktikanta Das has made it clear that now the customer does not need to visit the bank to get re-KYC done. You can easily re-kyc online sitting at home. If there is no change in your KYC details, then you can get reKYC done by sending an email or by sending a message to the bank from your registered mobile.

How to do kyc on change of address

For this, you can send email or message to the registered mobile number to the bank sitting at home.
– The bank will verify it by sending a letter within just 60 days
– Under CKYCR, the customer is given a CKYCR identifier number, which you share with the bank, then the other bank does not have to do KYC.
If your bank asks you to come to the bank to do KYC, then the bank can complain about it under the Banking Ombudsman and non-legal fast resolution.

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Information given by RBI This information was given in the circular issued by the Reserve Bank of India (RBI). “It has been decided to allow transfer of foreign funds received under Rupee Drawing Arrangement (RDA) through Bharat Bill Payment System (BBPS) to a KYC compliant bank account of the beneficiary,” the RBI said.

RBI Governor Shaktikanta Das made an announcement in this regard last month. Das had said that with this step, NRIs will be able to pay utility, education and other such bills on behalf of their families in India.

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