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Highlights of RBI's monetary policy

Source: PTI
September 30, 2022 12:21 IST
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Following are the highlights of Reserve Bank of India's monetary policy announced on September30,2022.

RBI

Photograph: Vivek Prakash/Reuters
    • Benchmark interest rate hiked by 50 basis points to 3-year high at 5.90 per cent.
    • Economic growth projection for FY23 cut to 7% from 7.2% estimated in August.
    • GDP expected to grow at 6.3% in September quarter, 4.6% each in December and March quarters.
 
  • Inflation projection retained at 6.7% for ongoing fiscal year (FY23).
  • Inflation to remain above upper tolerance limit of 6% till December.
  • Average crude oil price for Indian basket expected at $100 per barrel.
  • RBI
    to remain focused on withdrawal of accommodative monetary policy stance to check prices.
  • RBI says rupee movement orderly against US dollar; depreciated only 7.4% this year till September 28.
  • RBI does not have a fixed exchange rate for rupee; intervenes in market to curb excessive volatility.
  • Forex reserve down at $537.5 billion as of September 23 this year.
  • The central bank confident of financing external sector deficit.
  • World in midst of third major shock from aggressive monetary tightening by central banks, Indian economy resilient.
  • Merchandise exports affected due to external factors, private consumption picking up.
  • Recent correction in global crude oil prices if sustained may provide relief from inflation.
  • Bank credit has grown at accelerated pace of 16.2%.
  • Next meeting of the Monetary Policy Committee on December 5-7.
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