RBI's bi-monthly monetary policy review: Key takeaways

Governor Shaktikanta Das announced the highlights of the Reserve Bank's Monetary Policy Committee (MPC) decisions

Reserve Bank of India (RBI) Governor Shaktikanta Das delivers the Monetary Policy statement, Wednesday, October 9, 2024.

Credit: PTI Photo

Mumbai: Following are the highlights of the Reserve Bank's Monetary Policy Committee (MPC) decisions announced by Governor Shaktikanta Das on Wednesday:

Benchmark short-term lending rate (repo) kept unchanged at 6.5 per cen

Status quo on rate since February 2023

Monetary policy stance changed to 'neutral'

It was the first meeting of reconstituted MPC

GDP growth projection for FY25 retained at 7.2 per cent

GDP growth forecast for Q2 at 7 per cent; Q3 at 7.4 per cent; and Q4 at 7.4 per cent

Inflation projection for FY25 retained at 4.5 per cent

UPI123PAY (for feature phone) per transaction limit doubled to Rs 10,000

UPI Lite wallet limit increased to Rs 5,000 and per-transaction limit hiked to Rs 1,000

Next meeting of MPC scheduled during December 4 to 6