The Reserve Bank of India left the repo rate unchanged in its Monetary Policy Meeting.
- It revised upwards the real Gross Domestic Product (GDP) growth projection for 2024-25 to 7.2 per cent.
Developmental and Regulatory Policy Measures Taken by RBI:
- Bulk Deposits Limit Revision:
- Scheduled Commercial Banks & Small Finance Banks: The bulk deposit limit is now ‘Single Rupee term deposits of ₹3 crore and above’, increased from ₹2 crore.
- Local Area Banks: The bulk deposit limit is set to ‘Single Rupee term deposits of ₹1 crore and above’, matching the limits for Regional Rural Banks (RRBs).
- Rationalisation of FEMA Regulations: Streamlining and simplifying the regulations for exports and imports under the Foreign Exchange Management Act (FEMA), 1999.
- Digital Payments Intelligence Platform: Aimed at minimizing fraud in digital payments through enhanced network-level intelligence and real-time data sharing.
- Inclusion of Recurring Payments in e-Mandate Framework: Payments for Fastag, National Common Mobility Card (NCMC), and other services will now be included in the e-mandate framework, enabling auto-replenishment when balances fall below a set threshold.
- UPI Lite Auto-Replenishment: UPI Lite is included under the e-mandate framework, allowing auto-replenishment of the wallet when the balance drops below a certain amount.
- RBI Hackathon HARBINGER 2024: The focus is on ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’, promoting innovations that enhance digital transaction security and inclusivity for persons with disabilities.
Ref: Source
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