RBI MPC Meeting June 2024: Key Highlights & Outcomes
The Reserve Bank of India`s Monetary Policy Committee (MPC) met in June 2024, with several significant outcomes announced:
1. Key Interest Rate: The repo rate remains unchanged at 6.5%.
2. Monetary Policy Stance: The focus is on withdrawing the accommodative monetary policy stance to reduce inflation.
3. Growth Projection: The growth projection for FY25 has been raised to 7.2% from 7%.
4. Inflation Forecast: The inflation forecast for FY25 is retained at 4.5%.
5. Food Inflation: Concerns over food inflation persist.
6. Current Account Deficit: The current account deficit for FY25 is expected to remain within a sustainable level.
7. FOREX Reserves: FOREX reserves have reached a new high of $651.5 billion as of May 31, 2024.
8. Digital Payments Intelligence Platform: The RBI will set up a Digital Payments Intelligence Platform to utilize advanced technologies for mitigating payment fraud risks.
9. E-mandate Framework: Auto replenishment of balance for Fastag, NCMC, and UPI-Lite wallets is now included under the e-mandate framework.
The next monetary policy announcement is scheduled for August 8.
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