India News | Highlights of RBI's Bi-monthly Policy Statement

Mumbai, Jun 7 (PTI) Following are the highlights of the bi-monthly monetary policy announced by the Reserve Bank of India on Friday:

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* Key interest rate (repo) remains unchanged at 6.5 pc

* Repo rate was last hiked in February 2023

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* Focus on withdrawal of accommodative monetary policy stance to bring down inflation

* Growth projection for FY25 raised to 7.2 pc from 7 pc

* Inflation forecast for FY25 retained at 4.5 pc

* 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 USD 651.5 billion as on May 31, 2024

* Bulk deposit threshold raised to Rs 3 crore from Rs 2 crore

* Export and import regulations under the Foreign Exchange Management Act (FEMA) to be rationalised

* RBI to set up Digital Payments Intelligence Platform to harness advanced technologies to mitigate payment fraud risks

* Auto replenishment of balance Fastag, NCMC, and UPI-Lite wallets brought under the e-mandate framework

* The next monetary policy announcement on August 8.

(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)