The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the Monetary Policy Committee (MPC) decisions on Friday, June 7. The Central of India has not changed its interest rate, keeping its focus on inflation amid policy uncertainty following an unexpected Lok Sabha election result in 2024.
Also Read | RBI MPC Meet 2024: RBI Keeps Repo Rate Unchanged at 6.5 Percent for the Eighth Time.
Check RBI's Decision and Bi-Monthly Monetary Policy Highlights:
The key interest rate (repo) remains unchanged at 6.5%.
The 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%.
The inflation forecast for FY25 was retained at 4.5%.
Food inflation still remains a concern.
The current account deficit for FY25 is 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.
The bulk deposit threshold was 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 a 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.