RBI Monetary Policy: Interest Rates, GDP Growth & More
Dec 08, 2023 11:26
The Reserve Bank of India (RBI) has kept the benchmark interest rate unchanged at 6.5%, hiked GDP growth projection to 7% for the current fiscal, and proposed to enhance UPI transaction limits for hospitals and educational institutions.
Mumbai, Dec 8 (PTI) Following are the highlights of RBI's bi-monetary policy statement:
* RBI keeps benchmark interest rate unchanged at 6.5 pc
* Proposes to enhance UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh.
* Hikes GDP growth projection for current fiscal to 7 pc, from 6.5 pc earlier
* Pegs GDP growth in December, March quarters at 6.5 pc, 6 pc
* Retains average retail inflation projection at 5.4 per cent for 2023-24
* Inflation outlook to be considerably influenced by uncertain food prices
* Intermittent vegetable price shocks could once again push up headline inflation in November and December
* Rupee exhibited low volatility compared to its emerging market peers in 2023
* Relative stability of the rupee reflects the improving macroeconomic fundamentals and its resilience in the face of formidable global tsunamis.
* Forex reserves stood at USD 604 billion as on December 1, remain confident of meeting external financing requirements comfortably
* RBI to remain vigilant and ready to act, as per the evolving outlook
* India better placed to withstand uncertainties compared to many other countries
* Proposed to hike e-mandate for recurring payments to Rs 1 lakh from current Rs 15,000
* RBI to set up a cloud facility for the financial sector to enhance data security, privacy
* Next monetary policy committee meeting on February 6-8, 2024.
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