Simplification And Deepening Of Unified Payments Interface Will Further Enhance Outreach Of Digital Payment System: FICCI

Commenting on the monetary policy statement, Mr Uday Shankar, President, FICCI said, "The status quo on the repo rate while continuing an accommodative stance was broadly expected especially in light of the latest global developments and the emergence of a new variant of concern. The latter poses a major downside risk going ahead and it remains extremely critical to maintain caution. In this context, RBI's policy statement is reassuring."

"The Central Bank is maintaining a calibrated approach to liquidity management which is much appreciated. The Bank's emphasis on strengthening recovery, which is still nascent, is encouraging. Also, we agree with the Governor that we are still away from a self-sustaining growth and support through policy interventions will be necessary over the short to medium term," added Mr Shankar.

"On the regulatory side, the announcements regarding simplification and deepening of Unified Payments Interface will further enhance the outreach of digital payment system making it even more seamless," said Mr Shankar. "As part of the transition from LIBOR, we also look forward to the guidelines on the use of interbank rate or alternative reference rate (ARR) as benchmarks for ECB/Trade Credit," added Mr Shankar.

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