Following are the highlights of the RBI's first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das:
Photograph: PTI Photo
- Policy repo rate unchanged at 4%; marginal standing facility rate & bank rate too remain unchanged at 4.25%.
- Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target.
- GDP growth projection for FY'23 slashed to 7.2% from 7.8%; growth projections based on assumption of crude oil (Indian basket) price at $100 a barrel during FY'23.
- Inflation forecast hiked to 5.7% for FY'23 from 4.5%.
- Escalatinggeopolitical tensions to cast a shadow on economic outlook.
- Robust Rabi output to support recovery in rural demand, pick-up in contact-intensive services.
- Investment activity to gain traction with improving business confidence, pick up in bank credit, government capex plans.
- Opening time for RBI regulated financial markets to be restored to pre-pandemic timing of 9:00 am from April 18.
- Gradual withdrawal of Rs 8.5 lakh crore liquidity overhang to be undertaken over several years.
- Rationalised housing loans norms extended till March 31, 2023.
- RBI will come out with a discussion paper on climate risk and sustainable finance.
- Committee to be set up for review of customer service standards in RBI regulated entities.
- Card-less cash withdrawal facility to be extended to all banks and ATM networks using the UPI.