RBI’s Monetary Policy Review

Published on August 08, 2019
Current context: RBI has undergone its third bi-monthly policy review on 7th August 2019.
RBI’s Monetary Policy Review
  • RBI said in its ‘Statement on Developmental and Regulatory Policies’ to cover all repetitive bill payments under the Bharat Bill Payment System (BBPS) that includes 5 segments- electricity, telecom, gas, direct-to-home, and water bills.
  • RBI has decided to not allow any large and systemically important entity especially NBFCs to collapse and has identified around 50-odd large NBFCs in its monitored list.
  • RBI has extended the working hour of retail payment system National Electronic Funds Transfer (NEFT), which is used for fund transfer up to Rs 2 lakh, from 8 am to 7 pm to 24x7 round-the-clock fund transfers to promote digital transactions.
  • The MPC lowered its growth forecast (GDP) to 6.9% now from 7% of June policy owning to demand and investment slowdown.
  • RBI has cut the repo rate by 0.35 basis points, that points to 5.40%.

Question: 

Q.1 RBI in its third bi-monthly policy has decided to extend the working hour of the National Electronic Funds Transfer (NEFT) from 8 am to 7pm to?
a. 8 am to 9 pm
b. 7 am to 9 pm
c. 24x7 round-the-clock
d. 9 am to 9 pm

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