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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 pc
* 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 pc from 7 pc
* Inflation forecast for FY25 retained at 4.5 pc
* 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 USD 651.5 billion as on May 31, 2024
* Bulk deposit threshold raised to Rs 3 crore from Rs 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.
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