The Reserve Bank of India has proposed to extend the Unified Payments Interface (UPI) facility to inbound travellers for merchant payments, initially to travellers from G20 countries. Based on the experience this facility will be extended to travellers from all other countries, Shaktikanta Das, the RBI Governor said.
RBI Governor added that QR code-based coin vending machines will be installed on a pilot basis to ease the pressure on bank notes and for easy availability of coins to members of the general public.
The RBI today hiked key benchmark policy rate by 25 basis points to 6.5%, citing sticky core inflation. This is the sixth time the interest rate has been hiked by the RBI since May last year, taking the total quantum of hike to 250 basis points.
Announcing the bi-monthly monetary policy, the RBI Governor said the Monetary Policy Committee by a majority decided to raise the policy repo rate by 25-bps and keep a ‘strong vigil’ on inflation outlook. “Policy rate at 6.5 percnet still trails the pre-pandemic level and core inflation will remain sticky.
Rupee gains 4 paise to 82.66 against U.S. dollar after RBI Repor rate hike: Reacting the development, The Indian rupee appreciated 4 paise to 82.66 against the U.S. dollar in mordning trade on Wednesday, supported by a strong trend in domestic equities ahead of the Reserve Bank of India's monetary policy decision.
However, investors remained concerned over rising crude prices in the overseas markets and persistent foreign capital outflows, forex traders said.
At the interbank foreign exchange, the domestic unit opened strong at 82.67 against the dollar, then inched higher to 82.66, a rise of 4 paise over its last close.
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RBI MPC raises repo-rate by 25-bps to 6.5%