The RBI proposed creating a public repository of digital lending apps to combat unauthorised players and introduced 'Delegated Payments' in UPI, allowing users to delegate UPI transactions. They also increased the UPI tax payment limit to Rs 5 lakh and plan to speed up cheque clearing by moving to continuous clearing, reducing the cycle to hours.

RBI Governor Shaktikanta Das is expected to maintain the repo rate at 6.5% amid inflation concerns, despite other central banks cutting rates. The Monetary Policy Committee's decision, influenced by ongoing economic growth, will be announced after deliberations concluding Friday morning.

Goyal highlighted the tendency of banks to offer better interest rates for bulk corporate deposits, neglecting retail deposits that contribute significantly to long-term liquidity.

The impact may vary slightly depending on whether your home loan is on a fixed or floating interest rate. Fixed rates are not directly affected by repo rate changes during the fixed period. However, floating rates tend to adjust with changes in the repo rate.

Headed by RBI Governor Shaktikanta Das, the six-member panel is set to address key concerns, with a predominant focus on inflation control amidst subsiding worries over economic growth. The policy stance, is dubbed as a 'withdrawal of accommodation'.

Optimism prevails, with forecasts indicating strong growth in fiscal year 2024. Finance Minister Nirmala Sitharaman anticipates robust growth in the fourth quarter, potentially propelling GDP growth for the entire fiscal year to 8% or higher.

Santanu Sengupta, Chief India Economist at Goldman Sachs India, emphasized the importance of inflation trends, stating, “With 1HCY24 headline inflation still above the RBI’s target, we maintain our view that the RBI will keep the policy repo rate unchanged at 6.5 per cent at the April 5 meeting."

Between May 2022 and February 2023, the RBI implemented a series of interest rate hikes totaling 250 basis points. However, it has since maintained a policy status quo. The MPC, responsible for setting the benchmark interest rate, convenes at least four times a year.

The decision, made by RBI's Monetary Policy Committee (MPC), saw the S&P BSE Sensex nosedive by 584.53 points to 71,567.47, and the NSE Nifty50 drop by 164.40 points to 21,766.10 at 11:30 am.

The MPC's decision comes with a focus on analyzing the current economic conditions and future outlook. Das announced the policy decision ahead of a press conference to be held at 12 pm, where he reiterated the central bank's commitment to maintaining financial stability.

According to the Goldman Sachs research report the target is to maintain that the RBI MPC will keep the policy rate unchanged at 6.50 percent as discussed in the February 8 policy meeting.