Monetary Policy key highlights: Now tax payment of up to Rs 5 lakh can be made at one time through UPI, currently this limit is Rs 1 lakh.
Monetary Policy key highlights: Now tax payment of up to Rs 5 lakh can be made at a time through UPI, currently this limit is Rs 1 lakh. RBI Governor Shaktikanta Das, while explaining the decisions of the Monetary Policy Committee, said that it is proposed to take steps to make check clearance in just a few hours. He expressed concern over the trend of taking additional loan (top-up home loan) on old home loans.
Highlights of RBI MPC decisions
No change in policy rates: The RBI MPC decided to keep the repo rate and monetary policy stance unchanged in the August policy meeting. Governor Shaktikanta Das announced that the MPC decided to keep the repo rate unchanged at 6.5 per cent by a majority of 4:2. The MPC also decided to maintain its ‘accommodative’ stance.
GDP forecast for FY25 unchanged: RBI retained its real GDP growth forecast for FY25 at 7.2 per cent, with the first quarter at 7.1, slightly down from the earlier estimate of 7.3 per cent. However, RBI retained its GDP growth forecast for the second quarter at 7.2 per cent, for the third quarter at 7.3 per cent and for the fourth quarter at 7.2 per cent. The FY26 GDP growth forecast is 7.2 per cent.
Food inflation a key concern: MPC retained its CPI (Consumer Price Index)-based inflation forecast for FY25 at 4.5 per cent. However, there have been some changes in the inflation forecast across different quarters. The forecast for the second quarter of FY25 is now 4.4 per cent from 3.8 per cent, the forecast for the third quarter is now 4.7 per cent from 4.6 per cent and the forecast for the fourth quarter is now 4.3 per cent from 4.5 per cent. The forecast for Q1FY26 is 4.4 per cent. Das said, ‘Headline inflation is moderating, but the pace is uneven and slow.
