RBI Monetary Policy: Highlights of monetary policy announced by RBI on Friday

- Advertisement -
  • All 6 RBI MPC members unanimously voted to keep repo rate unchangedat 6.5%. This is the fourth meeting on the trot that the MPC decided to maintain the status quo on the repo rate. The MPC last raised this rate from 6.25% to 6.50% at its meeting in February 2023.
  • RBI remains focused on withdrawal of accommodation support growth, tame inflation.
  • Cumulative repo rate hike of 250 bps still working its way through economy.
  • Real GDP growth forecast retained at 6.5% for FY24.
  • Inflation forecast too retained at 5.4% for FY24. Cooling vegetable prices, cut in LPG rates to soften inflation.
  • RBI identifies high inflation as major risk to macroeconomic stability and sustainable growth.
  • India is poised to become new growth engine of world.
  • Limit of gold loan under Bullet Repayment Scheme for UCBs doubled to ₹4 lakh.
  • Payments Infrastructure Development Fund scheme extended by 2 years to December 2025. It will now include beneficiaries of the PM Vishwakarma scheme.
  • RBI has plans to undertake open market operation (OMO) with regard to G-secs to manage liquidity. This will be via auction mode.
  • RBI will introduce the facility for creation of card-on-file tokenisation at the issuer bank level to enhance convenience for cardholders.
  • RBI has allowed NBFCs (middle and base layer entities) to utilise credit risk mitigation tools to offset their exposure with eligible credit risk transfer instruments.
  • Next Monetary Policy Committee (MPC) meeting scheduled for Dec 6-8, 2023.

Policy Rates

Policy Repo Rate: 6.50%
Standing Deposit Facility Rate: 6.25%
Marginal Standing Facility Rate: 6.75%
Bank Rate: 6.75%
Fixed Reverse Repo Rate: 3.35%
- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Govt launches internship scheme for youth, Rs.5000 will be given monthly to Youth

Govt launches internship scheme for youth, Rs.5000 will be given monthly to Youth

Good news for Employees! Govt announced to review NPS and make changes in pension scheme

Good news for Employees! Govt announced to review NPS and make changes in pension scheme

Budget 2024: PSU banks will develop in-house capabilities for credit assessment of MSMEs

PSU banks will develop in-house capabilities for credit assessment of MSMEs

Budget 2024: Mudra Loan Limit increased to Rs.20 Lakh

Budget 2024: Mudra Loan Limit increased to Rs.20 Lakh

Income Tax Rate changed, Check new Income Tax Slab in 2024

Income Tax Rate changes, Check new Income Tax Slab

Rs.25 crore Fraud in SBI: CBI Books Private Firm and Directors for Cheating SBI of Rs 25.62 Crore

Rs.25 crore Fraud in SBI: CBI Books Private Firm and Directors for Cheating SBI of Rs 25.62 Crore

Video: SBI Bank Employees beaten by Customers inside branch due to Loan Dispute

SBI Bank Employees beaten by Customers inside branch due to Loan Dispute

Latest News