Michael D Patra, who looks after the monetary policy department in the RBI, also stressed that the Indian currency has witnessed the least depreciation in recent times.
While the retail inflation based on Consumer Price Index (CPI) moderated to 7.04 per cent in May from 7.8 per cent in April, it remained above the RBI's threshold of 6 per cent for the fifth month in a row.
The six-member Monetary Policy Committee (MPC), headed by Das, had announced its decision on June 8. It was the second consecutive hike in repo rate.
"The recent economic crisis in neighbouring Sri Lanka is a reminder of the critical importance of public debt sustainability. The fiscal conditions among states in India are showing warning signs of building stress," it had said.
The activities to be taken up during the period up to 2025 as part of Vision 2025 are captured across five anchor goalposts of integrity, inclusion, innovation, institutionalisation and internationalisation, the Payments Vision 2025 document said.
RBI Governor Shaktikanta Das said that the central bank in March felt that economic activity was above the pre-pandemic levels and decided to shift focus to curbing inflation.
SBI Home Loan Interest Rate: SBI has revised by up to 0.20 per cent the MCLR, a move that will increase home, auto, and personal loan EMIs.
SBI and PNB announced to hike FD interest rate days after the RBI ramped up efforts to control excess liquidity from the banking system.
Pankaj Patel was also the President of the Federation of Indian Chamber of Commerce & Industry (FICCI) (2016-17). He is also the Executive Chairman, Vice President and Trustee of the Gujarat Cancer Society and Chairman of the Gujarat Cancer and Research Institute.
Last month in an unscheduled policy announcement, the Reserve Bank of India (RBI) raised rates by 40 basis points to 4.4 per cent, and subsequently to 4.9 per cent last week.
Core CPI also moderated in May to 6.09 per cent compared to 6.97 per cent in April, as per the SBI's research report 'Ecowrap'. "In recent times, there have been commentaries that have questioned whether RBI has been behind the curve in controlling inflation.
Cryptos and other virtual digital assets are unregulated in India and are considered extremely risky.
RBI Governor Shaktikanta Das on Wednesday said that the decision is aimed to further augment customer convenience and leverage the benefits available under the framework.
The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49. The broader NSE Nifty declined 60.10 points or 0.37 per cent to finish at 16,356.25.
RBI's decision to hike the repo rate sets the stage clear for banks, housing finance companies and other lenders to hike the interest rate on all kinds of loans including home and auto.
Apple informed its customers in May 2022, that they will not accept Indian credit and debit cards for app purchases or subscriptions in the near future, as per the new norms from the RBI. Customers could use the UPI mode for payment and could also store money in their Apple wallet which could further be used for payments.
RBI will remain focused on orderly completion of the government's borrowing programme.
UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, RBI Governor Shaktikanta Das said.
RBI Governor Shaktikanta Das said the upside risk to inflation persists and the recent spike in tomato prices would fuel food inflation.
RBI's decision to raise the interest rate is aimed at doubling down the fight to contain inflation that has surged in the last couple of months.
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