Key highlights from RBI’s bi-monthly policy statement

PTI Updated - June 07, 2024 at 11:45 AM.

The RBI also plans to rationalise export and import regulations under FEMA and establish a Digital Payments Intelligence Platform.

The growth projection for FY25 has been raised to 7.2%, while the inflation forecast remains at 4.5%. Food inflation remains a concern, and the current account deficit for FY25 is expected to stay within sustainable levels. | Photo Credit: Reuters

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.

Published on June 7, 2024 06:15