RBI MPC meeting outcome: RBI maintains status quo on repo rate and stance check out other key highlights
RBI MPC meeting highlights, RBI MPC meeting June 2023: The Reserve Bank of India on Thursday opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.
RBI MPC meeting highlights, RBI MPC meeting June 2023: Reserve Bank of India (RBI) Governor Shaktikanta Das-led Monetary Policy Committee kept the repo rate unchanged at 6.50 percent. Check out the salient points from the RBI Mper cent meeting.
RBI MPC meeting highlights: Here are the key highlights
- Indian economy and financial sector stand strong and resilient amidst unprecedented global headwinds.
- RBI Monetary Policy Committee kept the repo rate unchanged at 6.5 per cent.
- RBI Monetary Policy decides to remain focussed on withdrawing accommodation of policy stance.
- Close and continued vigil on evolving inflation is absolutely necessary.
- The pace of global economic activity decelerated due to the geopolitical situation.
- MPC will continue to take policy actions promptly and appropriately to keep inflation expectations firmly anchored.
- Headline inflation is above the target of 4 per cent and expected to remain so during the rest of the year.
- Domestic demand condition remains supportive of growth; rural demand is on a revival path.
- Forex reserves are at comfortable levels.
- GDP growth in Q1 this fiscal year is expected at 8 per cent.
- RBI retains a growth projection at 6.5 per cent for FY'24 and expects 8 per cent growth in Q1, 6.5 per cent in Q2, 6 per cent in Q3 and 5.7 per cent in Q4.
- RBI lowers retail inflation projection to 5.1 per cent during FY'24 from an earlier estimate of 5.2 per cent.
- RBI Guv says monetary policy actions are delivering desired results.
- RBI will remain nimble in its liquidity management while ensuring adequate resources for the productive requirements of the economy.
- The current account deficit expected to moderate further in Q4, remains eminently manageable.
- The Indian rupee has remained stable since January this year.
- Net inflow in non-resident deposits increased to USD 8 billion in FY'23 from USD 3.2 billion in the previous year.
- Conditions favorable for capital expenditure to gain momentum.
- RBI allows banks to issue Rupay prepaid Forex cards.
- RBI will remain watchful and proactive in dealing with emerging risks to price and financial stability.
(With PTI Inputs)
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