RBI keeps repo rate and reverse repo rate unchanged

The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) on Friday kept the repo rate unchanged at 4 per cent and the reverse repo rate at 3.35 per cent. With this, RBI announced some developmental and regulatory decisions which will have an impact on the country's digital transactions and NBFCs customer interface.In its policy statement, RBI announced digital payment solutions in offline mode also, where internet connectivity is low / not available (offline mode),RBI said,

The success of three pilot projects indicated that there is a scope to introduce such solutions, especially in remote areas. Now it has been  proposed to introduce a framework for carrying out retail digital payments in offline mode across the country. The RBI statement also announced the enhancement of the limit of Immediate Payment Service (IMPS) of National Payments Corporation of India (NPCI) per transaction from 2 lakh Rs. To 5 lakh Rs. The internet banking, mobile banking apps, bank branches, ATMs, SMS and IVRS will benefit from this. This will lead to further increase in digital payments and will provide an additional facility to customers for making digital payments beyond Rs 2 lakh.
Another important policy decision has been taken by the RBI about appointment of an internal ombudsman for Non Banking Financial Companies(NBFCs). With a view to further strengthen the internal grievance redress mechanism of NBFCs, it has been decided to introduce the Internal Ombudsman Scheme (IOS) for certain categories of NBFCs which have higher customer interface.