Reserve Bank of India Monetary Policy Highlights - August 2023
Aug 08, 2024 12:20
The Reserve Bank of India retained the benchmark interest rate at 6.5% for the ninth time. Other highlights include GDP growth forecast, inflation projection, and measures to boost digital lending and payments.
Illustration: Uttam Ghosh/Rediff.com
Mumbai, Aug 8 (PTI) Following are the highlights of the Reserve Bank's bi-monthly monetary policy announced on Thursday:
* Benchmark interest rate (repo) retained at 6.5 pc for ninth time;
* To remain focused on withdrawal of monetary policy accommodation to check inflation, and support growth;
* GDP growth forecast for FY'25 retained at 7.2 pc;
* Retail inflation projection also retained at 4.5 pc for FY'25;
* Global economic outlook remains resilient although with some moderation in pace;
* Domestic economic activity continues to sustain its momentum;
* Current account deficit manageable; forex reserves rises to historic high of USD 675 billion
* Indian rupee remained largely range-bound in FY'25 so far;
* Indian financial system remains resilient, gaining strength;
* RBI to set up public repository of digital lending apps to check unauthorised players;
* To introduce 'Delegated Payments' through UPI;
* Proposes steps to speed up cheque clearance;
* Limit for tax payments through UPI raised from Rs 1 lakh to Rs 5 lakh per transaction;
* Next meeting of MPC scheduled during October 7 to 9.
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