#RBIMPCmeeting

[thelikenews]

RBI MPC August 2023 Meeting LIVE: UPI Lite Transaction Limit Increased, Offline Payments on the Horizon, Announces Shaktikanta Das

In a significant development that will impact the digital payment landscape, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) convened in August 2023 to make some major announcements. The most notable among these is the decision to raise the transaction limit on UPI Lite, a move that aims to empower users and enhance the convenience of digital transactions. The decision, which comes amidst the ongoing efforts to promote a cashless economy, is expected to make UPI Lite even more accessible to a larger segment of the population. UPI Lite has already gained popularity for its simplicity and ease of use, and the increased transaction limit is likely to boost its adoption further. Speaking at the live updates session of the RBI MPC meeting, Shaktikanta Das, the RBI Governor, emphasized the importance of this decision. He stated, "The increased transaction limit on UPI Lite is a significant step towards fostering a digital payments ecosystem that is inclusive and efficient. This move aligns with our vision of a less-cash society, where digital transactions become the norm. Post Monetary Policy Press Conference by Shri Shaktikanta Das, RBI Governor- August 10, 2023 https://t.co/a6SE9WdApa — ReserveBankOfIndia (@RBI) August 10, 2023 The exact details of the revised transaction limit have yet to be disclosed, but it is anticipated that the new limit will enable users to conduct higher-value transactions through UPI Lite, providing more flexibility for a range of financial activities. Furthermore, Governor Das also shared exciting news regarding the introduction of offline payments. This feature is expected to revolutionize the digital payment landscape by allowing users to perform transactions even in areas with limited or intermittent internet connectivity. This move holds immense potential, especially for rural and remote areas, where a stable internet connection can be a challenge. While the specifics of the offline payment mechanism are yet to be unveiled, the mere announcement of its introduction has generated significant anticipation among businesses, consumers, and digital payment service providers.

RBI MPC August 2023 Meeting LIVE: Shri Shaktikanta Das, RBI Governor The combination of the increased UPI Lite transaction limit and the forthcoming offline payments feature is poised to bring about a transformative change in the way Indians transact digitally. It underlines the RBI's commitment to creating an environment where digital financial services are not just convenient but also accessible to all, regardless of their location or connectivity constraints. The financial and technological sectors will undoubtedly closely monitor the implementation of these changes, as they are likely to have a far-reaching impact on the country's economy and digital payments ecosystem. As we await further details, one thing is clear: the RBI's August 2023 MPC meeting has set the stage for a new era in digital payments, one that is more inclusive, efficient, and adaptable to the needs of a diverse population. Click for more updates and latest Trending news along with Entertainment updates. Also get latest news and top headlines from India and around the world at The Like News. Read the full article

[bondsindia]

As expected, the RBI has joined the Bank of England and the US Fed Reserve in the interest rate hike by raising the repo rate by 50 basis points to 5.9%.

[finanzwealth]

RBI Policy Update: MPC cuts growth forecast for FY20 MPC cuts repo rate by 35 bps to 5.4% from 5.75% The benchmark rate is now at its lowest since April 2010 One-year MCLR comes down to 8.25% per annum, from 8.40% annum The downward revision of the FY 20 GDP growth rate to 6.9 per cent with downward risk is a dovish signal #RBI #RBIMPC #MPCMeet #ShaktikantaDas #reporate #GDP #CPI #Economy #mpc #MonetaryPolicy #RBIPolicy #RBIMPCMeet #RBIMonetaryPolicy #RBI #reporate #reversereporate #FWM #ServicesThatSecureSmiles https://www.instagram.com/p/B06fXZfBDnR/?igshid=1en668v8k0d3u