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Below  RBI MPC Announcement Reaction By Shri. S L Jain, MD & CEO, Indian Bank

"On the backdrop of prevailing negative sentiments for financial institutions globally, weaker demand outlook, softening commodity prices, the RBI decided to pause hiking the policy rates. The outcome of the meeting is in line with the twin objective of maintaining economic growth while keeping in mind the price stability.

 Development measures such as allowing UPI for pre-sanctioned bank credit lines will expand footprints and further encourage innovation. Introduction of centralised web portal for unclaimed bank deposits will improve and widen access to the beneficiaries for getting back their deposits conveniently. Further, compensation mechanism for credit information reports will enhance consumer protection.

 By developing onshore deliverable market by allowing IBUs to offer NDF contracts will strengthened the forex market in India.

 Introduction of secured web based centralised portal PRAVAAH for various applications / approvals will reduce cost of compliance with ease”.

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