Here’s the RBI monetary policy highlights

@the_news_21

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 per cent; 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 pc from 5.7 pc
• 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 pc 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 Rs 15,000 from Rs 5,000.