The RBI Governor Shaktikanta Das said that the Monetary Policy Committee has unanimously decided to leave the policy repo rate unchanged at 4 percent. He said the marginal standing facility remains unchanged at 4.25 percent and reverse repo rate stands unchanged at 3.35 per cent. While ensuring that the Monetary Policy Committee will keep on monitoring all threats to price stability, Dr. Das said that the Financial sector entities like banks and NBFC’s should give highest priority to quality of governance, risk management and internal controls. He informed that the RBI has decided to raise the limit for contactless card transactions from Rs 2,000 to Rs 5,000 per transaction from January 2021. Mr. Das said that the RTGS system will be made 24X7 in the next few days. He ensured that the RBI will use various instruments at the appropriate time while ensuring ample liquidity is available to the system.
CS SURBHI SAXENA
Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).