RBI repo rate decision: UPI to allow pre-sanctioned credit lines at banks, says Gov Shaktikanta Das
RBI repo rate decision: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday announced the operation of pre-sanctioned credit lines at banks through unified payments interface (UPI).
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12:39 PM IST
RBI repo rate decision: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday announced the operation of pre-sanctioned credit lines at banks through a unified payments interface (UPI). The monetary policy committee (MPC) of the RBI kept the repo rate --the rate at which the central bank of the country lends money to commercial banks in case of any shortfall of funds -- unchanged at 6.5 per cent in its first monetary policy meet of the current fiscal.
The Gross domestic product (GDP) growth for the current fiscal year has been pegged at 6.5 per cent while the FY24 inflation projection is 5.2 per cent.
Real GDP growth for Q1FY24 is estimated at 7.8 per cent, Q2FY24 at 6.2 per cent, Q3FY24 at 6.1per cent, and Q4FY24 at 5.9 per cent.In early March, Das had said that UPI payments have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which jumped 50 per cent from 24 crore in February 2022.
Click here to catch RBI MPC meeting April 2023 key highlights
In value terms, the transactions are worth Rs 6.27 lakh crore, posting a surge of 17 per cent from Rs 5.36 lakh crore in February 2026, as per a PTI report. In terms of volume, the number of UPI transactions exceeded 800 crore in January 2023, the report added.--
(This report will be updated with more details shortly)
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