RBI Monetary Policy: Interest Rates, GDP Growth & More

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.