Mumbai, Dec 8 (PTI) Following are the highlights of RBI's bi-monetary policy statement:

* RBI keeps benchmark interest rate unchanged at 6.5 pc

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* Proposes to enhance UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh.

* Hikes GDP growth projection for current fiscal to 7 pc, from 6.5 pc earlier

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* Pegs GDP growth in December, March quarters at 6.5 pc, 6 pc

* Retains average retail inflation projection at 5.4 per cent for 2023-24

* Inflation outlook to be considerably influenced by uncertain food prices

* Intermittent vegetable price shocks could once again push up headline inflation in November and December

* Rupee exhibited low volatility compared to its emerging market peers in 2023

* Relative stability of the rupee reflects the improving macroeconomic fundamentals and its resilience in the face of formidable global tsunamis.

* Forex reserves stood at USD 604 billion as on December 1, remain confident of meeting external financing requirements comfortably

* RBI to remain vigilant and ready to act, as per the evolving outlook

* India better placed to withstand uncertainties compared to many other countries

* Proposed to hike e-mandate for recurring payments to Rs 1 lakh from current Rs 15,000

* RBI to set up a cloud facility for the financial sector to enhance data security, privacy

* Next monetary policy committee meeting on February 6-8, 2024.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)