New Delhi. After the conclusion of the Monetary Policy Committee Meeting of the Reserve Bank of India, which began on August 6, today RBI Governor Shaktikanta Das informed about the decisions taken in the meeting.
The Reserve Bank did not make any change in the repo rate and kept it at 6.5 percent. Along with this, RBI also made many important announcements regarding Cheque clearance, digital loan providing apps and UPI payments.
Reserve Bank of India Governor Shaktikanta Das said that the Reserve Bank wants the bank not to take much time to clear the Cheque. This work should be done within a few hours of depositing the Cheque. RBI has proposed to take steps to clear the Cheque in just a few hours.
The RBI Governor said, “It is proposed to change the current process of Cheque Truncation System (CTS) with the aim of improving Cheque clearing, reducing settlement risk and providing better services to the customers.” Generally, in most cases, the Cheque is cleared within one or two business days. The time taken for the Cheque to be cleared also depends on the amount deposited, the type ofCheque, the bank and the method of deposit.
Also Read: UPI Payment: RBI Increases UPI Transaction Limit To Rs 5 Lakh For Tax Payments
Credit reports should be received every fortnight.
Reserve Bank of India has also proposed that banks should submit reports to credit information companies every fortnight. Currently, reports are submitted once a month. RBI wants that these reports should be submitted twice a month. Credit information companies prepare the CIBIL score of a person on the basis of the reports received from banks. CIBIL score now plays an important role in getting a loan from the bank.
RBI has also proposed to prepare public data of digital loan
apps to Cheque unauthorized companies. Reserve Bank is planning to create a public repository to deal with fake digital lending platforms. This regulatory body will ensure better monitoring of digital loan apps and will give its report to RBI.
