New Delhi: The Reserve Bank of India (RBI) has held the repo rate at 6.50%; while forecasting the GDP growth for FY25 at 7.2%.
Following are the highlights of the bi-monthly monetary policy announced by the Reserve Bank of India on Friday:
- Key interest rate (repo) remains unchanged at 6.5%
Repo rate was last hiked in February 2023
Focus on withdrawal of accommodative monetary policy stance to bring down inflation
Growth projection for FY25 raised to 7.2% from 7%
Inflation forecast for FY25 retained at 4.5%
Food inflation still remains a concern
The current account deficit for FY25 expected to remain well within the sustainable level
Foreign exchange reserves touched a fresh high of $651.5 billion as on May 31, 2024
Bulk deposit threshold raised to ₹3 crore from ₹2 crore
Export and import regulations under the Foreign Exchange Management Act (FEMA) to be rationalised
RBI to set up Digital Payments Intelligence Platform to harness advanced technologies to mitigate payment fraud risks
Auto replenishment of balance Fastag, NCMC, and UPI-Lite wallets brought under the e-mandate framework
The next monetary policy announcement on August 8.
