In its latest monetary review meeting, the Reserve Bank of India (RBI) has made a significant announcement. For the fifth consecutive time, the RBI has decided to keep the repo rate unchanged. 🏦📉
🚫 Stable Interest Rates
Despite hopes for a reduction in interest rates, the RBI has maintained a steady course. The repo rate remains at 6.5%, dousing hopes of cheaper loans. 📊🛑
💳 Big Boost for UPI Transactions
In a major move, RBI has raised the transaction limit for Unified Payments Interface (UPI) payments. The UPI transaction limit has been increased from ₹1 lakh to ₹5 lakhs. This is seen as a significant relief, especially considering the continuously rising number of UPI transactions in the country. 📈📱
🏥🏫 Special Emphasis on Hospitals and Educational Institutions
RBI Governor Shaktikanta Das highlighted that this increased limit is specifically beneficial for transactions in hospitals and educational institutions. Now, payments up to ₹5 lakhs can be made via UPI in these sectors. 🎓💉
👩🏫🚑 Who Benefits the Most?
This decision by the RBI is particularly advantageous for hospitals and educational institutions. It facilitates easier and larger payments for services and fees in these sectors through UPI. 🛒💹
🔍 What This Means for Consumers
While the stable repo rate might dampen hopes for lower loan costs, the increased UPI limit is expected to boost digital transactions, offering more convenience and financial flexibility to users.
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