NEFT, RTGS Payment Facilities Extended To Digital Payment Intermediaries

On Wednesday, in its MPC outcome announcement, the RBI extended the payment transfer modes including NEFT and RTGS to digital payment intermediaries. Until now, banks were only allowed to use payment facilities such as NEFT and RTGS. The RBI also increased the maximum end of day balance for payments bank from Rs. 1 lakh to Rs. 2 lakh.

Amid uncertainty due to the second wave of the pandemic, the repo rate has been maintained at 4% and reverse repo rate at 3.35%. Also for the first half of FY22, the inflation is seen to edge higher to 5.2 percent.

The Monetary Policy Committee (MPC) kept its estimate for economic growth unchanged at 10.5 per cent for the current fiscal, RBI Governor Shaktikanta Das said.
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.

In the policy decision, Das announced secondary market G-securities acquisition programme 1.0 for purchasing Rs. 25000 crore of G-securities on April 15. In order to acquire g-sec in Q1FY22, the RBI has extended 'On Tap TLTRO' scheme by six months to 30 September, 2021.

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