RBI keeps repo rate unchanged at 6.5%, growth projected at 7%, UPI payments to hospitals, Educational institutions raised to Rs.5 lakh

Mumbai : The Monetary Policy Committee (MPC) of Reserve Bank of India (RBI) has decided to keep repo rate unchanged at 6.5%.

“The Monetary Policy Committee decided unanimously to keep the policy repo rate unchanged at 6.5%. Consequently, the Standing Deposit Facility rate remains at 6.25% and the Marginal Standing Facility rate and the Bank Rate at 6.75%.” announced RBI Governor Shaktikanta Das.

“Real GDP growth for the current year 2023-24 is projected at 7% – with Q3 at 6.5% and Q4 at 6%. Real GDP growth for Q1 of 2024-25 is projected at 6.7%, for Q2 at 6.5% and for Q3 at 6.4%. The risks are evenly balanced” he added.

On inflation, Das said notwithstanding the progress made on lowering inflation, the 4 percent target is yet to be reached and we have to stay the course.

The UPI limit for payments to hospitals and educational institutions now stands revised upwards from Rs 1 lakh to Rs 5 lakh per transaction.