08/06/2022
RBI HIKES REPO RATES: -
The Reserve Bank of India (RBI) has increased the policy repo rate by 0.5 per cent or 50 basis points in the June MPC meeting. Earlier, in the first meeting of the Monetary Policy Committee (MPC) for the financial year 2022-23 held in April 2022 had maintained status quo with policy repo rate at 4 per cent.
The MPC unanimously voted to increase the policy repo rate by 50 basis points to 4.90% and keep policy stance ‘withdrawal of accommodation. Real GDP forecast for FY - 23 has been retained at 7.2%. After May’s surprise 40 basis-point off-cycle hike, Shaktikanta Das and co were widely expected to hike the rates again in this monetary policy meet.
Here are the highlights: -
* Policy repo rate hiked by 50 basis points to 4.90%.
* Policy stance to remain ‘withdrawal of accommodation.
* Real GDP forecast for FY23 retained at 7.2%.
* RBI revises inflation projection for FY23 to 6.7% from 5.7% earlier
Additional measures announced for cooperative banks.
Credit cards, starting with Ru-Pay credit cards, can now be linked to UPI.
* E-mandate on cards for recurring payments, limit upped from Rs 5,000 to Rs 15,000 per transaction.
