RBI Monetary Policy Highlights, Check most important points

• All 6 RBI MPC members unanimously voted to keep repo rate unchangedat 6.5%. This is the fourth meeting on the trot that the MPC decided to maintain the status quo on the repo rate. The MPC last raised this rate from 6.25% to 6.50% at its meeting in February 2023.
• RBI remains focused on withdrawal of accommodation support growth, tame inflation.
• Cumulative repo rate hike of 250 bps still working its way through economy.
• Real GDP growth forecast retained at 6.5% for FY24.
• Inflation forecast too retained at 5.4% for FY24. Cooling vegetable prices, cut in LPG rates to soften inflation.
• RBI identifies high inflation as major risk to macroeconomic stability and sustainable growth.
• India is poised to become new growth engine of world.
• Limit of gold loan under Bullet Repayment Scheme for UCBs doubled to ₹4 lakh.
• Payments Infrastructure Development Fund scheme extended by 2 years to December 2025. It will now include beneficiaries of the PM Vishwakarma scheme.
• RBI has plans to undertake open market operation (OMO) with regard to G-secs to manage liquidity. This will be via auction mode.
• RBI will introduce the facility for creation of card-on-file tokenisation at the issuer bank level to enhance convenience for cardholders.
• RBI has allowed NBFCs (middle and base layer entities) to utilise credit risk mitigation tools to offset their exposure with eligible credit risk transfer instruments.
• Next Monetary Policy Committee (MPC) meeting scheduled for Dec 6-8, 2023.

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