RBI MPC Meet: Repo Rate Remains Unchanged, Inflation Projected At 5.2% In FY24

• The inflation rate is expected to be 5.2% in the fiscal year 2023-2024. The central bank expects inflation to be 5.1%, 5.4%, 5.4%, and 5.2% in the year's first, second, third, and fourth quarters.

• RBI predicted the real GDP to grow at 6.5 per cent for FY24.

• As per the monetary policy report, the nominal exchange rate of the Indian rupee(INR) fluctuated in the range of INR 81-83 per US dollar (USD) in H2. Thus, the baseline assumes an exchange rate of INR 82 for every US dollar, opposite INR 80 in Sept 2022.

• The Reserve Bank of India proposed linking pre-approved bank credit lines with the Unified Payments Interface to grow the real-time payment network.

• Local lenders with an IFSC Banking Unit in GIFT City in Gujarat can offer non-deliverable forwards to onshore residents.

• The crude oil assumption of $85 will be the average for FY24.

• As part of the RBI's initiative to resolve credit reporting institute grievances - a grievance redressal mechanism has been announced.

• The Reserve Bank of India will create a web portal to search for unclaimed deposits across banks.

For more real estate updates, stay updated with Clicbrics!

Also Read: RBI Monetary Policy 2023 Highlights