On Wednesday, Reserve Bank of India Governor Shaktikanta Das announced the results of the monetary policy meeting, increasing the repo rate by 0.50 percent. Thereafter, the policy rates increased from 4.40 percent to 4.90 percent. Along with this, Das has also made big announcements regarding credit cards and cooperative banks.
Rupay credit card will be linked first
RBI has proposed to allow the linking of credit cards with the Unified Payments Interface (UPI) platform. Governor Das said that initially the RuPay credit card will be linked to the UPI platform, which will provide additional convenience to the users and expand the scope of digital payments. It is worth noting that at present, UPI facilitates transactions through debit cards of users by linking savings or current accounts.
Strong growth in UPI transactions
UPI has become the most inclusive mode of payment in India with over 260 million unique users and 50 million merchants on the platform. UPI's progress in recent years has been unparalleled. Many other countries are engaged in adopting similar methods to ours. It is worth noting that the number of payments through UPI is continuously increasing in the country. It saw a significant increase in the Corona period, which is still going on.
Co-operative banks will be able to lend more
To deepen credit flow to the housing sector, the RBI today made announcements for cooperative banks. Governor Shaktikanta Das while announcing the monetary policy said that cooperative banks will now be able to lend more for personal home loans. This will ensure better credit flow to the residential housing sector. Das said that this step has been taken because of the rising prices of residential accommodation. He said that the limits for individual housing loans given by urban and rural cooperative banks are being revised by more than 100 percent because of the rise in house prices.
Also Read: RBI again increased the repo rate by 50 basis points, home, and car loans will be expensive
Pakistan is nervous after India attacked Pakistan. Pakistan's condition is so bad that it is now
17 seasons passed, Royal Challengers Bangalore's dream of winning the trophy for the first time c
India's policy regarding the new situation in Bangladesh is slowly taking shape. Under this, cont
Weather Update: Alert in 32 districts of UP, chances of rain in these states including Uttarakhand
Monsoon is kind in the northern states of the country. Rain alert has been issued in 32 districts
A big step is being taken to raise awareness against tobacco products, which are becoming a major
Union Minister Pralhad Joshi on Sunday attacked the Congress government of Karnataka over the Dha
Rupee At Record Low: Rupee falls further against the dollar, reaching a record low of 77.81
The trend of depreciation of the Indian currency against the US dollar continues. The rupee hit a
Pakistan: Taliban terrorists first killed policemen, then asked for helicopter to go to Afghanistan
Two policemen taken hostage at an anti-terrorism center in Pakistan's restive Khyber Pakhtunkhwa
The Congress high command has become active late Sunday night to prevent the MLAs from rebelling
Monkeypox: worldwide monkeypox cases have crossed 70,000, WHO warns for the most difficult times
There is a tremendous increase in the cases of monkeypox around the world. According to the World
