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RBI Payment Facilities: RTGS, NEFT money Transfer facilities Extended

April 7, 2021 12:03 PM

RBI Payment Facilities; RTGS, NEFT money Transfer facilities Extended
RBI Payment Facilities on Wednesday extended the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities.

RBI Payment Facilities on Wednesday extended the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) facilities to digital payments intermediaries. Till now, only banks were allowed to use RTGS and NEFT payments facility. The central bank also increased the maximum end of day balance for payment banks to Rs2 lakh from Rs1 lakh.

Reserve Bank of India on Wednesday kept interest rates unchanged and maintained an accommodative stance. The decision came amid a renewed threat to growth due to the resurgence of coronavirus cases in the country. The repo rate has been maintained at 4% and reverse repo rate at 3.35%.

The Monetary Policy Committee (MPC) kept its estimate for economic growth unchanged at 10.5 per cent for the current fiscal. MPC saw inflation edging up to 5.2% in the first half of the new fiscal from 5 per cent in the January-March period and moderate to 4.4% in Q3 of FY22.

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Das announced secondary market g-sec acquisition programme 1.0, to purchase Rs25,000 crore of g-sec on April 15 under g-sec acquisition programme. To buy g-sec worth Rs1 lakh crore under the g-sec acquisition programme in Q1FY22.

RBI Payment Facilities governor Shaktikanta Das has extended ‘On Tap TLTRO’ scheme by six months to 30 September, 2021.

As expected the MPC has retained the policy rates and stance. Given the inflation being within the acceptable range and considering the policy support required, this decision of the MPC provides relief. The retention of the growth estimates at 10.5% is heartening but given the uncertainty because of the second wave, these estimates could be under stress during the next meeting.

The inflation estimates for the FY are also within the range of 2 to 6%. However, any supply constraints due to the second wave could lead to inflation breaching the range,” commented Divakar Vijayasarathy, founder and managing partner, DVS Advisors LLP.

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