RBI proposes to increase cap on e-RUPI vouchers to ₹1 lakh

The e-RUPI pre-paid digital voucher developed by the NPCI was launched in August 2021. Earlier, the single use cashless payment voucher has a cap of ₹10,000.

This will further facilitate the delivery of various government schemes to the beneficiaries more efficiently, Das said.

Further, for enabling better infra for TReDs settlement –the governor proposed to increase the NACH mandate limit to ₹3 crore from ₹1 crore currently for trade related settlements.

The Central bank has also extended the on-tap liquidity window for healthcare till 30 June, and raised the voluntary retention route cap by ₹1 lakh crore to ₹2.5 lakh crore.

On-tap liquidity facilities of ₹50,000 crore and ₹15,000 crore for emergency health services and contact-intensive sectors, respectively, were announced in May and June 2021.

The RBI governor has projected India’s economic growth for the financial year 2023 (FY23) at 7.8%.

The growth rate for the current financial year is retained at 9.2%.

The governor said there was some loss of economic momentum due to third pandemic wave and the demand for contact intensive sector is muted.

Further, the Central bank has left the benchmark interest rate or repo rate — the rate at which banks borrow from the Central bank — unchanged at 4% for the tenth consecutive time and decided to continue with accommodative stance.

The RBI has adopted an ultra-loose monetary policy in the wake of coronavirus pandemic and in order to shore up the economy with adequate liquidity, it has last slashed key rate to record low of 4% and it has been held at that level since May 2020.