» Business » Highlights of RBI's third monetary policy

Highlights of RBI's third monetary policy

Source: PTI
June 08, 2022 11:40 IST
Get Rediff News in your Inbox:

Following are the highlights of RBI's third monetary policy review of the current financial year announced by Governor Shaktikanta Das on Wednesday.

Shaktikanta Das

Photograph: ANI Photo
  • Key lending rate (repo) raised by 50 basis points to 4.9 per cent; 2nd increase in 5 weeks
  • Repo rate still remains below pre-pandemic level
  • To focus on withdrawal of accommodative policy to tame inflation and support growth
  • Inflation projection for current fiscal raised to 6.7% from 5.7%
  • Edible oil prices remain under pressure on adverse global supply conditions, notwithstanding some recent correction
  • Tense global situation imparts considerable uncertainty to domestic inflation outlook
  • GDP growth forecast retained at 7.2% for current financial year
  • Economic activity gathering strength; normal monsoon to boost rural consumption
  • Credit cards to be linked with UPI; RuPay credit cards to be linked first
  • Lending limits for housing loans by co-op banks doubled
  • Rural co-op banks permitted to lend to commercial Real Estate - Residential Housing (CRE-RH) sector
  • Urban Co-op banks allowed to offer door-step banking
  • e-mandates on cards for recurring payments enhanced to Rs 15,000 from Rs 5,000.
Get Rediff News in your Inbox:
Source: PTI© Copyright 2022 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!