Highlights of RBI's monetary policy

Here are some major highlights of the Reserve Bank's second bi-monthly monetary policy for 2023-24

(PIC: Canva)

• Repo rate remains unchanged at 6.5 per cent.
• Maintains pause for second time in a row.
• Standing deposit facility rate remains at 6.25 per cent.
• Marginal standing facility rate and bank rate unchanged at 6.75 per cent.
• Inflation forecast for FY24 marginally lowered to 5.1 per cent.
• GDP growth projection retained at 6.5 per cent for FY24
• Growth for Q1 pegged at 8 per cent, Q2 at 6.5 per cent, Q3 at 6 per cent and Q4 at 5.7 per cent.
• Current account deficit (CAD) expected to have moderated further in Q4:2022-23 and remain eminently manageable in FY24.
• RBI permits non-bank PPI issuers to issue e-RUPI vouchers.
• Banks to issue RuPay Prepaid Forex cards.
• Minutes of MPC’s meeting to be published on June 22.
• Next meeting of MPC scheduled for August 8-10, 2023.

Achala Jethmalani, Economist, RBL Bank

Achala Jethmalani, Economist, RBL Bank  Achala Jethmalani, Economist, RBL Bank  

Rajani Sinha, Chief Economist, CareEdge

Rajani Sinha, Chief Economist, CareEdge  Rajani Sinha, Chief Economist, CareEdge  

Mitul Shah, Head of Research, Reliance Securities

Mitul Shah, Head of Research, Reliance Securities  Mitul Shah, Head of Research, Reliance Securities