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
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