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Below is View on RBI Monetary Policy June, 2022 by Sidharth Rath MD and CEO SBM Bank India

The 50bp hike in policy rate reflects RBI alignment to keep inflation expectations anchored and restrain the broadening of price pressures taking precedence over the challenge of managing growth. The significant upward revision in the near-term inflation forecast well above 7% for Q1 and Q2 of FY 2023 is a lead indicator for more frontloading to come on the policy rate front.

The proposed enhancements to UPI platform in terms of linking of credit cards to UPI, in addition to the existing facility of linking savings and current accounts through debit card, will enhance the universe of digital payments with added convenience to the user.

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