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The Reserve Bank of India (RBI) raised the repo rate by 0.35% due to mounting inflation concerns.

RBI raises Repo Rate by 35 bps: Will the EMI on an existing loan also rise?

Termed as UPI123PAY, the service will allow 40 crore feature phone users across India to access the payment service.

RBI’s UPI services requires no Internet and Smartphone; 24 X 7 Helpline available

Repo rate is the rate at which the RBI lends to banks, while the reverse repo rate is at which it borrows from banks.

Repo Rate unchanged, higher loan against gold: Here are the highlights of the RBI monetary policy review

He elaborated that a multi-pronged approach adopted by the Reserve Bank has provided a cushion from the immediate impact of the pandemic on banks, however, the medium-term outlook is uncertain and depends on the Covid-19 curve.

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RBI raises Repo Rate by 35 bps: Will the EMI on an existing loan also rise?

RBI’s UPI services requires no Internet and Smartphone; 24 X 7 Helpline available

Repo Rate unchanged, higher loan against gold: Here are the highlights of the RBI monetary policy review

Economy showing signs of getting back to normalcy: RBI Governor