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Highlights of RBI policy: 24x7 helpline for digital payment grievances

Source: PTI
February 05, 2021 13:24 IST
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Following are the highlights of the monetary policy announced by RBI governor Shaktikanta Das on Friday:

  • Interest rates left unchanged for 4th time in a row;
  • Short-term lending rate (repo) stands at 4 pc;
  • RBI decides to continue with accommodative stance as long as necessary;
 
  • RBI governor says Indian economy is poised to move in only one direction and that is upwards;
  • RBI projects GDP growth at 10.5 pc for 2021-22;
  • RBI revises retail inflation outlook; 5.2 pc for Q4:2020-21, 5 pc in H1:2021-22 & 4.3 pc for Q3:2021-22;
  • Das says Union Budget has provided strong impetus for revival of sectors like health, infrastructure;
  • RBI to restore CRR to 4 pc in two phases beginning March 2021;
  • RBI proposes to provide funds from banks under TLTRO on tap scheme to NBFCs for incremental lending;
  • RBI announces new scheme to incentivise new credit flow to MSMEs;
  • RBI to set up panel to provide a medium term road map for strengthening of primary (urban) co-operative banks;
  • Retail investors to get direct access to government securities market; with this India will join select countries providing such facility;
  • Round-the-clock helpline for digital payment services to be set up for grievance redressal;
  • RBI will integrate all ombudsman schemes & introduce centralised processing of grievances;

The next meeting of the RBI governor headed rate-setting panel MPC to take place during April 5 to 7.

IMAGE: Reserve Bank of India Governor Shaktikanta Das announces the policy decision of the Monetary Policy Committee (MPC), via live streaming, in Mumbai, February 5, 2021. Photograph: PTI Photo.

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