Since the appointment of the new RBI Governor, a series of updates have been coming in. The economy has shown positive signs, inflation has decreased, and interest rates have started to drop. Now, a major update has surfaced regarding ₹10 and ₹500 currency notes.
RBI Governor Sanjay Malhotra may soon make an important announcement regarding these notes. Let’s see what changes the RBI Governor can make and how they can affect your daily life.
RBI to Issue New ₹10 and ₹500 Notes with Governor Sanjay Malhotra’s Signature
The Reserve Bank of India (RBI) on Friday announced that it will soon issue Rs 10 and Rs 500 banknotes under the Mahatma Gandhi (New) series bearing the signature of new Governor Sanjay Malhotra.
The central bank clarified in a statement that the design of these notes will remain the same as the existing ₹10 and ₹500 banknotes of the Mahatma Gandhi (New) series. Despite the release of new notes, all previously issued ₹10 and ₹500 banknotes will continue to be legal tender.
Last month, the RBI had also announced the release of ₹100 and ₹200 notes bearing the signature of Governor Malhotra. Malhotra takes over as RBI governor in December 2024, replacing Shaktikanta Das, who served in the position for six years.
Repo Rate Announcement on April 9
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meeting is scheduled to begin on April 7, with the RBI governor announcing the policy rate on April 9. This will be the first MPC meeting of the new financial year, making it extremely important.
Experts predict that the repo rate may be cut by 0.25% during this meeting. If implemented, this will be the second consecutive rate cut, bringing the repo rate to 6%. This move is expected to boost the economy.
The RBI governor had already announced an interest rate cut of 0.25% in February, signalling a shift towards easing monetary policy.
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