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Inflation should be kept low, reforms required for growth: RBI

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RBI Governor Raghuram Rajan
RBI Governor Raghuram Rajan credit: www.thehindu,com

By NewsGram Staff Writer

Mumbai: Reserve Bank of India (RBI) Governor Raghuram Rajan on Friday said inflation should be kept low not only now but also in the future, adding that reforms are needed for sustainable growth.

Rajan, at an event in Mumbai said that keeping inflation down and implementing reforms are needed for maintaining sustainable growth.

There are expectations that the RBI would reduce interest rates at its next monetary policy review later this month.

This has been reinforced with the US Federal Reserve deciding to hold its interest rates much against the earlier expectation they would be hiked.

On the US Federal Reserve’s decision, Rajan said this could be due to concerns about the American economy. He said the US may be waiting for more information before deciding on a rate hike.

Rajan also said the banks should quickly balance their books, adding there was need for a bankruptcy code to enable the lenders better handle their loan accounts.

With Inputs from IANS

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PhonePe Restored to Normalcy After Service Outage

PhonePe transactions back to normal after Yes Bank fiasco

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PhonePe Yes Bank
As the Yes Bank fiasco hit UPI-based transactions last week, PhonePe employees had to work for 36 hours due to service outage. IANS

As the Yes Bank fiasco hit UPI-based transactions last week, PhonePe that was solely using Yes Bank’s services worked overnight with the National Payments Corporation of India (NPCI) and ICICI bank to ensure all its services were up and running within a day.

PhonePe, with close to 20 crore users, saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on March 5, lasting for nearly 24 hours. The company worked with the NPCI and ICICI bank, its new UPI partner.

All merchant payment settlements were restored by Friday noon and all consumer wallet, credit and debit card payments were restored by 3 pm, the company said in a statement. All UPI services were restored by Friday night, with PhonePe users continuing to use their UPI @ybl handles.

“Friday was an extraordinarily difficult situation with little precedence. We are grateful to the RBI, NPCI, Yes Bank, and ICICI for working collectively to ensure that millions of our customers and merchants were not inconvenienced a minute longer than necessary,” said Sameer Nigam, Founder and CEO PhonePe.

PhonePe
PhonePe, with close to 20 crore users, saw an extended service outage, which started immediately after the RBI moratorium on Yes Bank on March 5. Wikimedia Commons

PhonePe employees had to work for 36 hours straight to achieve this. The platform processed transactions of over Rs 4,000 crore in 24 hours and saw its largest ever volume of user traffic in a single day (with over 70 million app sessions).

Several petrol pumps rejected most of the UPI-based transactions over the weekend, including Paytm, PhonePe, and GooglePay.

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Even BharatPe, which deploys QR codes at small merchant outlets, stopped functioning. Millions of users failed to make or receive payments because of curbs imposed on Yes Bank. (IANS)