The Reserve Bank of India on Wednesday concluded its Monetary Policy Committee (MPC) meeting which was started on October 7. After deliberations, RBI took some key decisions and stated facts that would not only affect the common man but also reflect the economic condition of the nation. RBI Governor Shaktikanta Das, after the meeting, read the statement giving details about the meeting.
Key takeaways from MPC meeting
- The RBI kept the repo rate unchanged at 6.5 per cent for the 10th consecutive time, a decision taken by a majority of 5:1.
- Real GDP grew by 6.7% in the first quarter of this financial year, 2024-25.
- The share of investment in GDP reached its highest level since 2012-13.
- Enhance per transaction limit in UPI 1 2 3 pay to Rs 10000 from Rs 5000
- UPI Lite wallet increased to Rs 5000 from Rs 2000
- UPI Lite per transaction limit raised to Rs 500 from Rs 100
- RBI keeps GDP growth projection unchanged at 7.2 per cent for current financial year
- Guv Das said that the manufacturing sector is gaining on the back of improving domestic demand, lower input costs, and govt policies.
- According to Governor Das, RBI projects retail inflation at 4.5 pc during FY'25 assuming a normal monsoon.
- Food inflation is also to fall in the later part of the year on the back of good monsoon and adequate buffer stocks.
- Governor Das asserted that the health parameters of Indian banks remain strong, however, he cautioned against the build-up of consumer loans and credit card outstandings.
- The financial sector is healthy, resilient and stable and the Indian economy presents a picture of stability and strength, says Guv Das.
- The standing deposit facility (SDF) rate remains at 6.25% and the marginal standing facility (MSF) and the bank rate stand at 6.75%.
(With PTI Inputs)
