New Delhi. RBI's continuing focus on 'disinflationary' monetary policy retaining key REPO rate unchanged at 6.50 per cent is well aligned with the intention of the Monetary Policy Committee for an ecosystem, favourable to a sustainable growth which promises to be robust braving global headwinds, ASSOCHAM has said. While inflation has been declining for the past few months, RBI seems resolute in its target of taming it to its target of four per cent. It has so far kept a vigil eye on both global and domestic events for a stance that would bring more confidence to investors, borrowers and consumers as the focus of the credit policy remains on price and financial stability,'' ASSOCHAM Secretary General Mr Deepak Sood said. He said RBI has reinforced a robust and resilient trajectory of economic growth , revising its outlook for fiscal 2023-24 upward to 7 per cent from its earlier projections of 6.5 per cent. ''This puts a stamp of RBI reinforcement of India remaining the fastest growing economy of the world amongst the major economies''.
The ASSOCHAM also welcomed several other measures unveiled by the RBI Governor Mr Shaktikanta Das. Enhancing the UPI transaction limit from Rs 1 lakh to Rs 5 lakh for hospitals and educational institutions is a pragmatic measure. " Based on the feedback, this limit can be revised for other sectors as UPI has emerged as a great enabler for micro, small and medium enterprises, '' the chamber said. RBI's move to set up a cloud facility for the Indian financial sector reflects fast growing data management requirements of the economy. Likewise, a fintech repository would expand the convergence between the fintech’s and the financial institutions, including banks and NBFCs. Regulatory framework for the web aggregators for loan products would bring in safety to borrowers and credibility to the ecosystem, Mr Sood said.
rajmoni@fortunapr.com
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