Economists said that the six-member rate-setting panel of the RBI is unlikely to tinker with the repo rate the rate at which RBI lends money to banks to meet their short-term funding needs in the upcoming policy.
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The RBI proposed to facilitate offline transactions using Near Field Communication (NFC) technology on UPI-Lite. This feature will not only enable retail digital payments in situations where internet and telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines.