RBI MPC Meet: The main points of the monetary policy review presented by the Reserve Bank of India (RBI) are as follows:
- The key policy rate repo was increased by 0.25 percent to 6.50 %.
- Four of the six members of the MPC voted in favor of raising the repo rate.
- The growth rate in the current financial year is estimated to be seven percent.
- The growth rate will come down to 6.4 percent in 2023-24.
- Monetary Policy Committee (MPC) in favor of focusing on the withdrawal of an accommodative stance.
- Retail inflation was estimated at 5.6 % in the fourth quarter.
- Retail inflation will remain at 6.5 % in the current financial year. It is expected to come down to 5.3 percent in the next financial year.
- Low volatility in the rupee compared to other Asian currencies over the past year and this year so far.
- The current account deficit will come down in the second half of 2022-23.
- Proposal to extend UPI facility to travelers coming to India for making payments at shops. Initially, this facility will be available to passengers from G20 countries.
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