RBI Governor to announce bi-monthly monetary policy on 7 April at 10 AM

Reserve Bank of India’s Governor Shaktikanta Das will announce the bi-monthly monetary policy on tomorrow at 10 am.

On Tuesday, April 6, Reserve Bank of India tweeted about the announcement of bi-monthly monetary policy statement virtually via YouTube. RBI Governor Shaktikanta Das will announce the bi-monthly monetary policy on tomorrow, April 7 at 10 am. After the Monetary Policy announcement, Governor will also interact with media persons at 12.00 noon through video conferencing.

In the last meeting, RBI has not changed interest rates and decided to keep an accommodative stance to mitigate the impact of COVID-19 and until growth is revived on a durable basis. At present repo rate is at 4 percent and the reverse repo rate at 3.35 percent.

RBI will announce its first bi-monthly monetary policy of the 2021-22 fiscal on April 7, 2021 after a three-day meeting of the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das. On February 5, after the last MPC meet, the central bank had kept the key interest rate (repo) unchanged citing inflationary concerns.

On 31st March, RBI extended the  timeline for auto-debit and “The processing of recurring transactions, whether domestic or cross-border, using cards or pre-paid instruments or UPI may get impacted beyond March 31, 2021. So, if you have given any standing instructions on your debit cards or credit cards for recurring transactions, they may get impacted from April 1. Most banks are intimating their customers by sending them a communication on the new rules.”

In August 2019, RBI had also issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover Unified Payments Interface (UPI) transactions as well to counter fraudulent transactions and enhance customer convenience.

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