RBI MPC Keeps Repo Rate Unchanged On Lower Inflation, High Growth Forecast — As It Happened
Governor Sanjay Malhotra announced the RBI MPC has decided to keep the repo rate unchanged at 5.5%.
KEY HIGHLIGHTS
RBI MPC Live Updates: Governor Sanjay Malhotra's Press Conference | WATCH
RBI MPC Meeting: All You Need To Know
Before you go, here's a readlist on today's RBI MPC Meeting.
Repo Rate Retained But 'Space There For Cuts'; Inflation Outlook Lowered
RBI MPC Proposes Risk-Based Deposit Insurance Premium For Banks
RBI Opens Door For Banks To Finance Acquisitions, Expands Lending Scope
RBI Monetary Policy Gives Three-Shot Boost To NRIs — Here's How
More Benefits For Zero Balance Account Holders? Three Consumer-Friendly Measures Announced By RBI
RBI Monetary Policy: Bankers, Industry Leaders Welcome Focus On Ease Of Doing Business
Relief For HDFC Bank, HDB Financial As RBI Removes Restrictions On Business Overlaps
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RBI MPC Live Updates: AI-Trained Fraud Detection System Under Works
Governor Sanjay Malhotra said the RBI is developing an AI-trained system to alert account holders about potential risky transactions to curb fraud. "It is in an experimental stage. We are making the software," he said.
RBI's under-development Digital Payments Intelligence System will be run by an entity, which will collect data from various sources to trace mule accounts and flag risks to both customers and banks, a senior RBI official explained.
RBI MPC Live Updates: No Proposal To Charge Fee On UPI, Says Sanjay Malhotra
There is no proposal to levy a fee on UPI payments, Governor Sanjay Malhotra said.
He also said the RBI is still holding consultations on a plan to allow lenders to freeze mobile phones when EMI payments are not made.
"We want to ensure protection of interests of consumers and lenders," he said.
RBI MPC Live Updates: Reference Rate For Rupee Trade
The RBI is looking is at the Indonesian Rupiah (IDR), United Arab Emirates Dirham (AED), among others to establish transparent reference rates for currencies of India’s major trading partners to facilitate rupee-based transactions, T Rabi Shankar, part time Member of Sixteenth Finance Commission and RBI Deputy Governor, said.
"The objective is to reduce crossing currencies to get rates. We have to work out ways to set a benchmark reference rate," he said.
Cross currency means a currency pair or transaction that does not involve the US dollar.
