RBI starts publishing daily data on select payment systems

"The data relating to transactions undertaken during the day will be published on the subsequent working day," the RBI said in a statement. It also said the data relating to transactions through cards will also be published daily once the reporting systems are put in place.

Mumbai: The Reserve Bank of India (RBI) has decided to publish a daily basis data on volume and value of transactions through various payment systems like NEFT, RTGS and UPI as well as cash withdrawals from ATMs, with a view to facilitate research and innovations.

As per June 3 data, people withdrew Rs 4,426.92 crore cash from ATMs and Rs 668.88 crore through micro ATMs/Banking Correspondents. There were 4.3 lakh RTGS transactions valued at Rs 33,0632.89 crore and 100.36 lakh NEFT transactions accounted for Rs 62,985.75 crore.

There were as many 456.26 lakh UPI based transactions through which Rs 9,622.38 crore were transacted. Value of IMPS-based transactions stood at Rs 7,653.71 crore.

"The data relating to transactions undertaken during the day will be published on the subsequent working day," the RBI said in a statement.

It also said the data relating to transactions through cards will also be published daily once the reporting systems are put in place.

The Reserve Bank captures volume and value of transactions undertaken in payments systems operated by the RBI (NEFT and RTGS) and National Payments Corporation of India (AePS, CTS, IMPS, NACH and UPI) as well as the position of cash withdrawal transactions using ATMs and BCs.

The payment system data is presently published monthly by the RBI in its bulletin. The RBI, beginning Thursday, has decided to publish the data on a daily basis.

Meanwhile, the RBI has extended timeline for compliance with various payment system requirements in view of the prevailing situation due to COVID-19 pandemic.

For instance, regarding implementation of provisions of circular on 'Enhancing Security of Card Transactions', the timeline has been extended to September 30 from the original schedule of June 16.

Timelines have been also been extended in relation 'issuance and operation of prepaid payment instruments (PPIMD); Harmonisation of Turn Around Time (TAT) and Customer Compensation for Failed Transactions using Authorised Payment Systems; and Guidelines on Regulation of Payment Aggregators and Payment Gateways.

Consumer confidence collapses, economy may contract by 1.5% in FY21: RBI surveys

Consumer confidence has collapsed amid the coronavirus pandemic and it may result in contraction of the economy by 1.5 per cent during 2020-21, surveys released by the Reserve Bank showed.

"Consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism," as per the Consumer Confidence Survey (CCS) released by the RBI.

According to the CCS, consumer perception on the general economic situation, employment scenario and household income plunged deeper into contraction zone, while expectations on general economic situation and employment scenario for the year ahead were also pessimistic.

"Overall consumer spending remained afloat, mostly due to relative inelasticity in essential spending ; consumers, however, reported sharp cuts in discretionary spending and also do not expect much improvement in the coming year," it added.

In view of the COVID-19 pandemic, the survey was conducted through telephonic interviews during May 5-17, 2020 in 13 major cities, including Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Lucknow, Mumbai and Patna.

GDP likely to contract by 1.5 per cent in 2020-21

According to another survey, GDP during the current financial year is likely to contract by 1.5 per cent, though the next fiscal is expected to be much better.

"Real gross domestic product (GDP) is likely to contract by 1.5 per cent in 2020-21 but is expected to revert to growth terrain next year, when it is likely to grow by 7.2 per cent," said the Survey of Professional Forecasters (SPF) sponsored by the RBI.

Real private final consumption expenditure (PFCE) is expected to decline by 0.5 per cent during 2020-21 but likely to record 6.9 per cent growth next fiscal, the survey said.

It added that real gross fixed capital formation (GFCF) is likely to register negative growth of 6.4 per cent in 2020-21 but is expected to grow by 5.6 per cent in 2021-22.

Real gross value added (GVA) is expected to decline by 1.7 per cent this fiscal but record 6.8 per cent growth in 2021-22,supported by uptick in industrial and services sector activities, said the SPF survey based on response of 24 panellists.

Inflation Expectations Survey

A third study on 'Households' Inflation Expectations Survey' said households' median inflation perception and expectations increased sharply in May 2020 as compared with the March 2020 round of the survey.

Participants were expecting increasing price pressure on food products. More households expect general prices and inflation to rise over a three-month horizon as compared to the previous round.

A total of 5,761 urban households participated in the survey.

Interest subvention on crop loans extended till Aug 31

In view of the lockdown to combat the coronavirus pandemic, the government has decided to continue the facility of interest subvention of 2 per cent and prompt repayment incentive of 3 per cent to farmers till August 31, 2020.

In April, the facility of Interest Subvention (IS) and Prompt Repayment Incentive (PRI) was extended till May-end.

In a notification, the Reserve Bank of India asked the banks to extend the benefit of IS and PRI for short-term crop loans to farmers.

The Reserve Bank of India on May 23, 2020 had permitted all lending institutions to extend moratorium on repayment of loans by another three months (up to August 31, 2020) in wake of the extension of lockdown and continuing disruption on account of COVID-19 pandemic.

"In order to ensure that farmers do not pay higher interest during the extended moratorium period, the government has decided to continue the availability of 2 per cent IS and 3 per cent PRI to farmers for the extended period of repayment up to August 31, 2020 or date of repayment, whichever is earlier," the central bank said in the notification.

(PTI Report)