RBI Governor Shaktikanta Das announced key lending rate was held steady at 6.5 per cent, The monetary policy committee decided that inflation control remained a major focus amid expectations of a spike in food prices in coming months and better than-expected economic growth.
The RBI monetary policy kept the repo rate, a key lending rate, unchanged for the fifth consecutive time. The repo rate is the rate of interest at which RBI lends to other banks. This means the loan interest rates too are likely to remain unchanged.
RBI also raised the UPI payment limits for hospitals and educational institutions to ? 5 lakh from ? 1 lakh per transaction, Mr Das announced.