Repo rate unchanged at 6.5% for fifth time in a row, ‘withdrawal of accommodation’ stance
Interest rates on home, vehicle, personal and other loans in the banking system will remain unchanged with the Monetary Policy Committee (MPC) of the Reserve Bank of India keeping the Repo rate unchanged
GDP forecast raised to 7% for FY 24
The RBI kept the inflation forecast unchanged as it projected Consumer Price Index (CPI)-based inflation, or retail inflation, at 5.4 per cent for FY24
RBI decided to allow the reversal of liquidity facilities under both SDF (Standing Deposit Facility) and MSF (Marginal Standing Facility) even during weekends and holidays with effect from December 30,2023. It is expected that this measure will facilitate better fund management by the banks.
UPI transaction limit for hospitals, educational institutions’ payments hiked to Rs 5 lakh
The RBI proposed to enhance this limit to ₹1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments.
