Michael D Patra, who looks after the monetary policy department in the RBI, also stressed that the Indian currency has witnessed the least depreciation in recent times.
UPI has become the most inclusive mode of payment in India, with over 26 crore unique users and 5 crore merchants onboarded on the platform, RBI Governor Shaktikanta Das said.
RBI's decision to raise the interest rate is aimed at doubling down the fight to contain inflation that has surged in the last couple of months.
Prior to being promoted as ED, Pattanaik was an Adviser in the Department of Economic and Policy Research (DEPR), while Ranjan was serving as Adviser-in-Charge of Monetary Policy Department and Secretary to the MPC.
The Monetary Policy Committee (MPC), headed by RBI Governor Shaktikanta Das, is holding its first meeting in the current financial year. The meeting will be on from April 6 to 8 and the outcome will be announced on April 8.
This is the tenth consecutive time since the rate remains unchanged. The central bank had last revised the policy rate on May 22, 2020, in an off-policy cycle to perk up demand by cutting interest rate to a historic low.
Lata Mangeshkar, whose voice struck an instant chord of recognition with generations of South Asians and is considered one of India's greats, died in a Mumbai hospital on Sunday due to multiple organ failure.
The meeting comes days after the IMF announced that she is being promoted as its First Deputy Managing Director.
This is the ninth consecutive time since the rate remains unchanged. The RBI had last revised the policy rate on May 22 last year.
The Reserve Bank of India has kept the policy rate unchanged 8th time in a row at 4 per cent.
The Reserve Bank on Friday lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent.
The Reserve Bank of India on Friday projected the retail inflation at 5.1 per cent in the current financial year ending March 31, 2022.
30-share BSE index was trading 199.01 points or 0.40 per cent higher at 49,400.40 and broader NSE Nifty advanced 68.90 points or 0.47 per cent to 14,752.40.
The Reserve Bank of India has maintained status quo fifth time in a row on policy rate. The bank has kept repo unchanged at 4 per cent.
RBI Governor Shaktikanta Das-headed rate-setting panel MPC started its three-day deliberation on the next monetary policy on Monday amid sudden surge in COVID-19 cases and the government's recent mandate asking the central bank to keep retail inflation around 4 per cent.
The Reserve Bank's rate-setting Monetary Policy Committee (MPC) began its meeting on Wednesday and is likely to hold interest rates and continue with accommodative policy stance so that necessary monetary action could be taken to push growth.
Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate unchanged at 4 per cent and continued with its accommodative stance to support growth. The committee, which has cut rates by 115 basis points since the Covid-19 crisis hit in March, has kept rates on hold since May.
The Reserve Bank of India will announce the monetary policy on October 9 as the Monetary Policy Committee (MPC) will meet during October 7-9.
The appointment has come after the government faced widespread criticism over failing to act on time to appoint an external panel to the Monetary Policy Committee (MPC).
The central bank, however, did not give any reason for rescheduling the meet. The interest-setting panel was scheduled to meet for three-days beginning Tuesday for RBI’s bi-monthly monetary policy review.
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