RBI MPC Wrapup: A Look At Key Announcements From The Meeting - In PICS

RBIs Monetary Policy Committee (MPC) concluded its bi-monthly review meeting, chaired by Governor Shaktikanta Das today and made some key announcements.

RBI's Monetary Policy Committee (MPC) concluded its bi-monthly review meeting, chaired by Governor Shaktikanta Das today and made some key announcements.

Das revealed that the regulator has decided to keep the repo rate unchanged at 6.5 per cent. Getty

The central bank estimated that the Consumer Price Index (CPI) based retail inflation will remain at 5.4 per cent in the current fiscal year. Getty

The regulator upgraded its GDP growth rate projection for FY24 to 7 per cent from 6.5 per cent, given earlier. Getty

The Governor informed that the cap for e-mandates for recurring payments has been increased to Rs 1 lakh, from the earlier limit of Rs 15,000. Getty

The RBI enhanced the UPI payment limit for healthcare and educational facilities to Rs 5 lakh. Getty

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The bank noted that it plans to establish a FinTech Repository to help create a better understanding of developments in the fintech ecosystem in the country and facilitate the sector. Getty

Regarding the financial sector in India, Das noted that the regulator is working towards developing a cloud facility for the industry, which will be rolled out in the medium-term. Getty