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Decision about Repo rate was announced in bi-monthly meeting of the Reserve Bank of India (RBI) MPC.
- Repo rate is the rate at which the central bank lends money to commercial banks against the collateral of government and other approved securities.
Additional Steps on Developmental and Regulatory Policies announced by RBI
- Rationalisation of Export and Import regulations under Foreign Exchange Management Act (1999), to promote ease of doing business for all the stakeholders.
- Proposed to set up Digital Payments Intelligence Platform (DPIP) to utilize advanced tech to curb payment fraud.
- RBI constituted a committee led by A.P. Hota to examine various aspects of setting up a digital public infrastructure for DPIP.
- Proposed to bring UPI Lite into the e-mandate framework by enabling an auto-replenishment feature for the UPI Lite wallet.
- Proposed to revise definition of the bulk deposit as Single Rupee term deposits of ₹3 crore and above for Scheduled Commercial Banks (excluding Regional Rural Banks(RRBs)) and Small Finance Banks.
- For Local Area Banks ₹1 crore and above as applicable in case of RRBs.
About Monetary Policy Committee (MPC)
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