RBI monetary policy highlights
- 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 per cent from 5.7 per cent
- 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.
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