Governor Shaktikanta Das

December 4, 2024 10:38 PM

RBI raises UPI lite wallet limit to Rs 5,000

The Reserve Bank of India (RBI) has increased the wallet limit for UPI Lite from ₹2,000 to ₹5,000. The new guidelines, announced on Wednesday, also raised the upper transaction limit under the offline framework from ₹500 to ₹1,000 per transaction. According to the RBI’s circular, the revised limits are effective immediately, enabling users to make higher-value transactions conveniently while maintaining the simplicity and security of UPI Lite. "The enhanced limits for UPI Lite shall b...

December 4, 2024 12:52 PM

RBI MPC meet begins, focus on inflation control

The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) began its three-day meeting on Wednesday, chaired by Governor Shaktikanta Das. The discussions will conclude on December 6, with the policy decisions scheduled to be announced on the same day. The committee is expected to maintain the current repo rate at 6.5 percent, which has remained unchanged for the last nine meetings and the status quo may continue for some more time, as an immediate rate cut may not be easy for the MPC to ...

October 10, 2024 10:33 AM

Rate cut with 7% growth unprecedented in India or globally: SBI report

Following the Reserve Bank of India's (RBI) forecast of over 7% GDP growth for the entire financial year 2024-25, a recent State Bank of India (SBI) report has highlighted that such a scenario of rate cuts accompanying high growth rates has rarely, if ever, occurred in India or globally. Despite the strong economic growth momentum, the SBI report raises whether the RBI is setting the stage for a potential rate cut. "Perhaps a 7% growth with a rate cut has never happened in India's history or i...

September 16, 2024 4:22 PM

Independence Day 2024: Road to Reform is Blueprint for Growth, says PM Modi

In his address marking the 78th Independence Day, Prime Minister Narendra Modi praised the reforms in India's banking sector from the ramparts of the Red Fort. He emphasized that these reforms have significantly strengthened the country's banking system, placing Indian banks among the strongest in the world. "The banks were in trouble, we made several reforms and today our banks are counted among the strongest banks in the world. This increases the strength of the formal economy," PM Modi said....

September 16, 2024 4:28 PM

RBI increases UPI payment limit from Rs 1 lakh to Rs 5 lakh

The Reserve Bank of India (RBI) has provided major relief to UPI consumers. The central bank has increased the limit for making payments through UPI from Rs 1 lakh to Rs 5 lakh. Addressing the media after the three-day bimonthly Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said that UPI has become the most preferred mode of payment due to its convenient features. He said that the MPC has increased the limit for making payments through UPI to Rs 5 lakh. Currently, the pa...

September 16, 2024 5:04 PM

Repo rate remains unchanged at 6.5% for ninth consecutive time: RBI

The Reserve Bank of India (RBI) announced on Thursday that it will maintain the repo rate at 6.5%, marking the ninth consecutive time the central bank has kept the key interest rate unchanged. The decision reflects the RBI's cautious stance amid ongoing economic uncertainties and persistent inflationary pressures. RBI Governor Shaktikanta Das revealed the decision following a three-day Monetary Policy Committee (MPC) meeting. "After a detailed assessment of the evolving macroeconomic and financ...