The Reserve Bank Of India Governor Shaktikanta Das addressed the nation today, talking about the monetary policies that nation is adopting to pull it back from the financial dip faced due to COVID-19.
In his briefing, the RBI Governor emphasized on reviving the stressed sector of the economy with an accommodative liquidity stance. The Central bank has also revised the Gross Domestic Product (GDP) growth at -7.5 percent in financial year (FY) 2020-21, from -9.5 percent with an speculation of witnessing an upthrust in the second half of FY 2020-21. RBI is also trying to make its Real Time Gross Settlement (RTGS) facility available for 24*7 compared to its current five days structure.
The other highlights from the Governor Shaktikanta Das’ address also involve unchanged Repo Rate, MSF and Reverse Repo Rate standing at 4%, 4.25% and 3.35% respectively.
Moreover, Regional Rural Bank can now access Liquidity Adjustment Facility (LAF) and the limit for contactless card transactions and e-mandates for recurring transactions through cards and UPI will be enhanced from INR 2,000 to INR 5,000 from 1 January, 2021.
Address by Shri Shaktikanta Das, Governor, Reserve Bank of India https://t.co/obN3wSPGG1
— ReserveBankOfIndia (@RBI) December 4, 2020
