The RBI is going to simplify process flow through a new "on-device" wallet for small value UPI transactions. The Central Bank is also going to launch a UPI-based payment product for feature phone users.
The unchanged repo rate will help maintain status quo on the prevailing low interest rate regime for some more time. This works well the home loan borrowers as the environment of affordability will continue.
The RBI policy meeting comes against the backdrop of uncertainty around the Omicron virus on the one hand and the US Fed continuing to sound hawkish and markets pricing in accelerated tightening globally on the other.
Addressing a virtual press conference, Chugh said it is difficult to estimate the likely impact of the Omicron variant of Covid-19 on India’s life insurance industry at present, and his company is now back to “scenario planning”, which the insurer has been doing in the last 18 months.