Highlights of RBI’s monetary policy

Following are the highlights of the Reserve Bank’s second bi-monthly monetary policy for 2023-24:

* Repo rate remains unchanged at 6.5 pc

* Maintains pause for 2nd time in a row

* Standing deposit facility rate remains at 6.25 pc

* Marginal standing facility rate and bank rate unchanged at 6.75 pc

* Inflation forecast for FY24 marginally lowered to 5.1 pc

* GDP growth projection retained at 6.5 pc for FY24

* Growth for Q1 pegged at 8 pc; Q2 6.5 pc, Q3 6 pc, and Q4 5.7 pc

* CAD expected to have moderated further in Q4:2022-23, remain eminently manageable in FY24 also

* RBI permits non-bank PPI issuers to issue e-RUPI vouchers

* Banks to issue RuPay Prepaid Forex cards

* Minutes of MPC’s meeting to be published on June 22

* Next meeting of MPC scheduled for August 8-10, 2023.