On what changed since April 8 -- when the last scheduled policy meet decided to maintain status quo -- and May 4, the source said the inflation print at near 7 per cent for March came way above RBI's expectations, and the momentum is likely to continue in April as well.
The Reserve Bank of India in a surprise move on Wednesday (May 4) announced to hike the repo rate by 40 basis points to 4.40 per cent, the first hike since August 2018.
The 30-share BSE benchmark Sensex had jumped 897.77 points or 1.61 per cent to 56,566.80 during the day. But it pared most of the gains and closed just 33.20 points or 0.06 per cent higher at 55,702.23. Similarly, the NSE Nifty inched up 5.05 points or 0.03 per cent to 16,682.65.
RBI Governor Shaktikanta Das said that all six members of the MPC unanimously voted for a rate hike to contain inflation that has remained stubbornly above the target of 6 per cent for the last three months.
It is proposed to enable customer authorisation through the use of UPI while settlement of such transactions would happen through the ATM networks.
In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23.
RBI on Friday kept the benchmark interest rate unchanged at 4 per cent and decided to continue with its accommodative stance despite rising inflation.
The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, is holding its first meeting in the current financial year. The meeting will be on from April 6 to 8 and the outcome will be announced on April 8.
RBI Governor Shaktikanta Das said that UPI '123PAY' will allow India's 40 crore feature phone users to access the payment service.
The RBI’s list of holidays falls into three categories. These are state-wise celebrations, religious holidays and festival celebrations.
As per the official notification, RBI Assistant Recruitment 2022 registrations will begin from February 17, 2022. The last date to submit the online application forms and payment of examination fees is March 8, 2022.
We have seen that crypto-technology is underpinned by a philosophy to evade government controls. Cryptocurrencies have specifically been developed to bypass the regulated financial system. These should be reason enough to treat them with caution, RBI Deputy Governor T Rabi Sankar said.
The Reserve Bank of India and the Union government have not given any sort of recognition to cryptocurrencies and, therefore, they are not legal in the country right now, the Union minister of state for finance, who had come here to attend a function, told reporters.
This is the tenth consecutive time since the rate remains unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
The meeting has been scheduled for February 14 where she would be addressing the board members and talk about announcements made in the Budget to perk up growth hit by three waves of COVID-19, sources said.
A top government source, who wished not to be identified said, the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number.
Bitcoin, Ethereum, or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government, Finance Secretary said.
Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic.
Despite GDP and industrial growth rates being fragile and volatile, the RBI is likely to start raising the policy rate in the near future by up to 100 bps in 2022.
As per the cryptocurrencies pose immediate risks of frauds, to anti-money-laundering efforts, and fight aginst terror financing.
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