RBI Governor Shaktikanta Das during the Reserve Bank's Monetary Policy Committee's policy announcement on Friday said the panel has proposed to extend the RTGS (real-time gross settlement) payment facility to round-the-clock from December 2020.
India will be among a select few countries to have this facility. For this, payment system operators will be licenced on a perpetual basis, the RBI Governor said.
Under the RTGS facility, customers can transfer a minimum of Rs 2 lakh. Right now, the facility is available during the bank working hours only.
Besides, the MPC has kept key landing repo rates unchanged at 4 percent. The reverse repo rate was also kept unchanged at 3.35 percent, while the stance was kept 'accommodative'. The monetary policy committee voted unanimously to keep the repo rate unchanged.
Das, during the MPC meet announcement, also said the real GDP is likely to decline by 9.5 per cent amid the coronavirus outbreak. "For the year 2021, real GDP is expected to decline by 9.5 per cent with risks tilted towards the downside," he said.
Hoping about economic recovery, the RBI governor said India would see a "3-speed recovery", though it would vary from sectors-to-sectors. The Governor said agriculture, power, consumer goods, pharma and two-wheelers would see quick recovery.
He added that the weighted average cost of borrowing in the first half of the fiscal year stands at a 16-year low of 5.82 per cent.
Talking about the economic situation, the RBI governor said the deep contraction in the economy, which was experienced in the first quarter, is now behind. He added the silver lining was visible as COVID-19 cases have started declining in India.