RBI MPC member predicts ‘less severe’ high food inflation
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
The Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member highlighted that going ahead, as India develops, the problem of high food inflation would be "less severe".
However, the RBI (Reserve Bank of India) said the bank shall continue to provide services to its existing customers, including its credit card customers.
The RBI said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
This approval will now allow PayU to onboard new merchants on its platform.
The Finance Ministry on Monday announced the sale of government bonds worth Rs 32,000 crore in two categories on April 26 (Friday).
Concerns about the readiness of CoF (card-on-file) tokenisation were expressed by all players in the payment ecosystem. Payment difficulties and revenue losses were also a concern for merchants.
The Reserve Bank of India (RBI) decided to keep benchmark interest rate unchanged at 4 per cent. This is the eighth time in a row.
The RBI said that given the existing liquidity overhang, absence of a need for additional borrowing for GST compensation.
HDFC Bank in a bulk message to customers said as per RBI guidelines on e-Mandate on cards, the bank will decline non-compliant recurring transaction.
However, with GDP contraction, the RBI had to be flexible with the conduct of the policy rate, reports suggests.
