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UPI Changes To Gold Hedging Rules : The Reserve Bank of India (RBI) has announced its monetary policy today. RBI Governor Shaktikanta Das has made many big announcements. In this, mainly there has been an increase of 0.35 percent in the repo rate. After which the repo rate has increased to 6.25 percent. Also, hedging against the risk of gold prices is permitted in the IFSC. Through the ‘single-block-and-multiple debits’ feature on the Unified Payments Interface (UPI) platform, customers will have ease while transacting. RBI has made many such big announcements, which will directly affect the general public. In this news, we are going to tell you about some such decisions.
Gold hedging allowed
Governor Shaktikanta Das said that domestic companies have been allowed to hedge against the risk of gold prices in the International Financial Services Center (IFSC). It may be noted that at present Indian companies are not allowed to hedge gold in foreign markets. Announcing the new monetary policy, Das said that hedging on IFSC (IFSC) has been allowed to manage the gold risk of domestic companies in an economical way and provide flexibility.
New feature in UPI
RBI said that soon the Unified Payment Interface (UPI) services will be expanded. Now customers can make on-demand payment for shopping or hotel booking on e-commerce platform, investment in security and delivery of goods or services through this. Also, a facility will be added to the UPI platform to facilitate payments. Through the ‘single-block-and-multiple debits’ feature on the UPI platform, customers will have more confidence while making such transactions.
Will be able to schedule payment order
The governor said that under the new feature, customers will be able to schedule a payment order for a merchant by blocking funds in their bank account. It can be debited as and when required. He added that such a facility would enhance transaction reliability, as merchants would be assured of timely payments, while the money would remain in the customer’s account till the actual delivery of goods or services.
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Increase HTM Limit
RBI Governor has announced to increase the HTM limit. Now the limit for HTM (Held to Maturity) has been increased to 23 percent till March 31, 2024. After this, the HTM limit will increase for all the securities acquired by the banks from September 1, 2020 to March 31, 2024.
Separate instructions issued to NPCI
The governor said that this facility would also be helpful in purchasing government securities using the Direct Retail Scheme of RBI. Separate instructions will be issued to the National Payments Corporation of India (NPCI) to implement this system.
There will be change in BBPS
Governor Das has announced the expansion of the scope of Bharat Bill Payment System (BBPS) to include all payments and collections together. The expansion of Bharat Bill Payment System is in many areas, but it does not have the facility to process bills of institutions or groups of individuals. For this reason service fee payment, education fee, tax payment and rent collection are out of its purview. The introduction of the new system will make the BBPS platform accessible to a wider set of individuals and businesses. Separate guidelines will be issued to NPCI Bharat Billpay Limited (NBBL) in this regard.
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