RBI Monetary Policy: In the new monetary policy of RBI, increasing the limit of UPI transactions will reduce the use of cash in paying hospital bills and fees in educational institutions.
RBI Monetary Policy: Reserve Bank of India has been continuously making efforts to promote the use of UPI in the country. This is the reason why the number of UPI transactions is increasing every month. RBI has promoted the use of Artificial Intelligence (AI) in UPI for offline transactions. RBI Governor Shakti Kant Das said in the announcement of monetary policy meeting on Friday that no change is being made in the repo rate. He also announced to increase the UPI transaction limit in hospitals and educational institutions to Rs 5 lakh.
Will be able to pay more in hospitals and educational institutions
After the new decision of RBI, now more payments can be made in hospitals and educational institutions with the help of UPI. According to the new policy, now up to Rs 5 lakh can be paid through UPI instead of Rs 1 lakh per transaction at these places. This decision will promote the use of UPI in these institutions. The inconvenience caused in paying hospital bills and school-college fees will be reduced.
No relief on loan EMI
The Reserve Bank has not made any changes in the repo rate and other policy rates in the monetary policy. In this way, there will be no relief on loan EMI. 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 fourth consecutive time that the Reserve Bank has not made any change in its policy rates.
Inflation rate will be 5.40 percent
Shaktikanta Das has predicted that the retail inflation rate in the country will be only 5.40 percent in the financial year 2024. In August 2023, RBI had reduced the inflation rate estimate to 5.40 percent. There has been a tremendous increase in the prices of food items in the recent past. Besides, fluctuations are also being seen in the prices of crude oil. Despite this, RBI has not increased the inflation rate estimate. Das said that there are many other reasons behind the increase in food inflation like supply chain. While giving a projection on inflation, the Central Bank has estimated the inflation rate to be 5.6 percent in the third quarter of the financial year 2024 and 5.20 percent in the fourth quarter.
