The Reserve Bank of India (RBI) has decided to waive the charges levied on banks for Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) transactions from July 1. Banks were advised to pass on the benefits to their customers. Separately, the RBI has formed a committee to review the entire gamut of automated teller machines’ (ATMs’) charges and fees.
Reserve Bank of india
The monetary policy committee of the Reserve Bank of India (RBI) for the second consecutive time cut the benchmark lending rate by 25 basis points to 6% on Thursday. It cited concerns overgrowth as it lowered the GDP forecast to 7.2% for the current financial year from 7.4% projected in the February policy.
The central bank said the output gap remained negative and the domestic economy was facing headwinds, especially on the global front. “The need is to strengthen domestic growth impulses by spurring private investment that has remained sluggish,” it said.
State-run lender Bank of India posted a ₹4,737.56 crore loss in the October-December quarter on higher provisioning. The move to provide a higher sum for bad loans could help the lender exit the prompt corrective action (PCA) framework of the Reserve Bank of India (RBI) as the net non-performing asset ratio has fallen below 6%.
Reserve Bank of India RBI, its monetary policy committee has retained the short-term-pending rate or Repo rate at 6 percent, unchanged during the fifth bi-monthly review of policy during the current fiscal year. this decision was on the expected lines as 95 percent (52 out of 54) of the financial expert's survey poll were sure that policy rate will be retained.
Seven-year low policy rate is still retained. Sine the committee reduced the key lending rate by 25 basis points in August 2017.