Das also said that the RBI is committed to supporting the growth of the fintech industry and has taken several measures to do so, such as the introduction of the Regulatory Sandbox and the Payment Initiation Services framework.
The RBI's Monetary Policy Committee (MPC) has a mandate to keep retail inflation within a target range of 2-6%. In recent months, inflation has been driven by rising food and fuel prices.
The UPI was started in September 2016 and then after the growth has been very steady and now it has crossed 10 billion.
The Central Bank decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation.
The RBI Governor-headed six-member Monetary Policy Committee's meeting is scheduled on August 8-10. The policy decision will be announced on August 10 by Governor Shaktikanta Das.
In this delicate worldwide milieu, Shaktikanta Das said, adjusting the arrangement compromises, safeguarding macroeconomic and monetary steadiness, supporting certainty and supporting manageable development are first concerns for policymakers the world over.
Shaktikanta Das had said around Rs 1.8 lakh crore worth of the Rs 2,000 notes in circulation had been returned, with the remaining balance being exchanged for deposits and deposits of 8 lakh crore.
For the second time in a row, the RBI decided unanimously to maintain the repo rate at 6.5%. The interest rate at which the RBI lends to other banks is known as the repo rate.
The governor of the RBI stated that the Indian economy had experienced rapid growth and had gradually integrated into the global economy over time.
Shaktikanta Das stated that the retail inflation data for this month, which are scheduled to be released on June 12, "could possibly be lower."
Shaktikanta Das, governor of the Reserve Bank of India (RBI), said on Monday that no one should rush to return or exchange their 2,000 rupee notes, a day before people start approaching banks to give up the high-value notes.
According to Das, the deadline was imposed primarily with the intention of encouraging people to return the notes.
RBI governor Shaktikanta Das on Friday stressed the "very satisfying" inflation cooling and asserted that GDP will grow at 6.5 per cent in FY24 optimistically.
RBI governor Shaktikanta Das cautioned banks against any build-up of asset-liability mismatches and asserted that both are detrimental to financial stability.
The RBI on Wednesday hikes the key repo rate by 35 basis points. The rise in repo rate is the fifth straight increase since May.
Inflation rate in India: The rate-setting Monetary Policy Committee headed by the RBI Governor has been mandated by the government to keep inflation within 2-6 per cent range.
The RBI Governor termed the launch of the central bank digital currency (CBDC) as a landmark moment in the history of currencies in the country.
The RBI governor said the financial stability, macroeconomic stability and resilience of growth is being witnessed despite two Black Swan events happening one after the other and multiple shocks.
RBI monetary policy: The RBI expects growth in the first quarter of the current fiscal at 16.2 per cent, which will taper to 4 per cent by the fourth quarter.
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.
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