The Monetary Policy Committee meeting of the Reserve Bank of India, led by Governor Shaktikanta Das, began on October 4 and aims to support growth impulses during the ongoing festive season.
Here are the highlights of RBI’s fourth bi-monthly monetary policy:
Repo rate unchanged at 6.50%
GDP growth forecast for FY24 unchanged at 6.5%
CPI inflation forecast for FY24 maintained at 5.4%
RBI Governor reiterated inflation target at 4%
Policy stance retained at ‘withdrawal of accommodation’
SDF and MSF rates left unchanged at 6.25% and 6.75%
G-Sec OMO sales may be considered to manage liquidity
First quarter current account deficit declined to 1.1% of GDP
10-year government bond yield rises 5 bps to 7.26%
Limit for gold loans under the Bullet Repayment scheme increased to ₹4 lakh from ₹2 lakh
Introduction of new channels for card-on-file tokenisation