Digital Payment Companies may provide fund transfer facilities through NEFT and RTGS

New Delhi, 7/4 (AO Bureau)The Reserve Bank of India on Wednesday extended the National Electronic Funds Transfer (NEFT) and real-time gross settlement (RTGS) facilities for digital payment companies. RBI Governor Shaktikanta Das told in a press conference today that fintech and payment companies will also be able to transfer money through NEFT and RTGS. Till now only banks were allowed to use RTGS and NEFT payment facilities.

RBI says that by increasing this facility, it will help to reduce the settlement risk in the financial system. Also, it will also help in promoting digital financial services in the country.

Repo and Reverse Repo rate kept constant
The RBI governor said that the repo rate will remain at 4% and the reverse repo rate at 3.35%. Das has said that till the growth is not sustainable, the policy rate will remain intact. That is, the EMI of your home and auto loan will remain the same. You will have to wait for a cheaper EMI now. With this, the RBI governor has estimated 10.5% GDP for the year 2021-22.

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