RBI MPC Meeting June 2024 Key Highlights & Outcomes

0
Uncategorized

Following are the highlights of the bi-monthly monetary policy announced by the RBI

  • Key interest rate (repo) remains unchanged at 6.5% 
  • Repo rate was last hiked in February 2023
  • Focus on withdrawal of accommodative monetary policy stance to bring down inflation
  • Growth projection forF Y25 raised to 7.2% from 7%. 
  • Inflation forecast for FY25 retained at 4.5%
  • Food inflation still remains a concern
  • The current account deficit for FY25 expected to remain well within the sustainable level
  • Foreign exchange reserves touched a fresh high of $651.5 billion as on May 31, 2024
  • Bulk deposit threshold raised to ₹3 crore from ₹2 crore
  • Export and import regulations under the,Foreign Exchange Management Act (FEMA) to be rationalised.
  • RBI to set upDigital Payments Intelligence Platform to harness advanced technologies to mitigate payment fraud risks.
  • Auto replenishment of balance Fasttag, NCMC and UPI -Lite wallets brought under the e-mandate framework. 
  • The next monetary policy announcement on August 8

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts