The Reserve Bank of India on 8th June 2022, has decided to hike the Repo Rate by 50 basis points to 4.90 % and the Standing Deposit Facility Rate stands adjusted to 4.65%, and the Marginal Standing Facility rate and Bank Rate to 5.15%.
The Monetary Policy Committee of the Reserve Bank of India has decided to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward while supporting growth.
The Rural cooperative banks can now extend finance to commercial real estate (loans to residential housing projects) within existing aggregate housing finance limit of 5% of total assets.
To further augment customer convenience and facilitate recurring payments like subscriptions, insurance premia and education fees of larger value, limit per transaction for e-mandate based recurring payments increased from ₹5,000 to ₹ 15,000.
