RBI monetary policy highlights

PTI | | Updated on: Jun 08, 2022

Following are the highlights of RBI's third monetary policy review of the current financial year announced by Governor Shaktikanta Das on Wednesday

Key lending rate (repo) raised by 50 basis points to 4.9%; 2nd increase in 5 weeks
Repo rate still remains below pre-pandemic level
To focus on withdrawal of accommodative policy to tame inflation and support growth
Inflation projection for current fiscal raised to 6.7% from 5.7%
Edible oil prices remain under pressure on adverse global supply conditions, notwithstanding some recent correction
Tense global situation imparts considerable uncertainty to domestic inflation outlook
GDP growth forecast retained at 7.2% for current financial year
Economic activity gathering strength; normal monsoon to boost rural consumption
Credit cards to be linked with UPI; RuPay credit cards to be linked first
Lending limits for housing loans by co-op banks doubled
Rural co-op banks permitted to lend to commercial Real Estate - Residential Housing (CRE-RH) sector
Urban Co-op banks allowed to offer door-step banking
e-mandates on cards for recurring payments enhanced to ₹15,000 from ₹5,000.

Published on June 08, 2022
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