In India To make business easier Reserve The Bank of India has said that the Real Time Gross Settlement System (RTGS) will be available 24 hours a day from December. The National Electronic Funds Transfer (NEFT) system has been made available 24 hours since December last year. RTGS is currently available to customers from 7 a.m. to 5 p.m., Monday through Friday and the first and third Saturdays.
From 2019, the RBI stopped charging NEFT and RTGS
Since July 2019, the RBI has stopped levying charges on transactions made by NEFT and RTGS. NEFT is used to transfer funds up to Rs 2 lakh while RTGSVO is used for high value transactions.
Such a percentage reduction in GDP in the April-June quarter
During the monetary policy review, RBI Governor Shaktikanta Das said that the GDP growth was seen from the January-March quarter. The April-June quarter saw a 23.9 per cent decline in GDP.
According to the RBI governor, the financial year 2020-21 will see a 9.5 per cent decline in GDP. The RBI’s six-member Monetary Policy Committee estimates that GDP will grow by minus 9.8 per cent in the second quarter of the current financial year 2020-21. GDP will be minus 5.6 per cent in the third quarter and 0.5 per cent in the fourth quarter.
According to RBI estimates, inflation will be between 4.5 per cent and 5.4 per cent in the second half of the current fiscal. The recent downturn has seen a rise in inflation due to the impact on supply. The RBI expects retail inflation to fall to 4.3 per cent in the first quarter of next fiscal.
- The bad news given by the RBI for the Modi government is that even in 2020-21, the GDP will decline by such a percentage
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