RBI monetary policy highlights

Following are the highlights of RBI's third monetary policy review of the current financial year announced by Governor Shaktikanta Das on Wednesday * 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 pc from 5.7 pc * 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 pc 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.

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