Note that baseline values of the equilibrium real rate, the natural rate of unemployment, and the target rate of inflation used in the simulation analysis – 1.0 percent, 4.8 percent, and 2.0 percent, respectively – are consistent with the medians of the latest long-run projections of individual FOMC participants.
The new system will also encompass all the regulated entities – banks, NBFCs and PPI providers – as also allow the customers themselves to keep sight of grievances and their redressal. The system will reduce manual process resulting in reduction of Turnaround Time (TAT) and facilitate improved data analytics for use by stakeholders.