RBI Monetary Policy Highlights: The third bi-monthly Monetary Policy for FY25 was announced today, August 8, by Reserve Bank of India Governor Shaktikanta Das. A six-member Monetary Policy Committee, headed by RBI Governor, decided to keep the benchmark repo rate unchanged at 6.5% and retain the policy stance as ‘withdrawal of accommodation’. The policy rate has been kept unchanged with a 4 to 2 majority in the MPC voting. It retained the real GDP growth estimates for FY25 at 7.2 per cent, and CPI inflation projection at 4.5 per cent.
RBI MPC Meeting Highlights: Here are the key takeaways of the RBI Policy today:
1] Policy Measures:
Repo rate kept unchanged at 6.5%
Policy stance of ‘Withdrawal of Accommodation’ retained
Status Quo gets 4:2 majority vote from MPC members
2] GDP Growth Estimates:
FY25 GDP growth estimates retained at 7.2%. Quarterly estimates are –
Q1FY25:- Revised downward to 7.1% from 7.3%
Q2FY25:- Kept unchanged at 7.2%
Q3FY25:- Kept unchanged at 7.3%
Q4FY25:- Kept unchanged at 7.2%
Q1FY26 GDP growth estimated at 7.2%
3] CPI Inflation Forecast
FY25 CPI Inflation forecast kept unchanged at 4.5%. Quarterly estimates are –
Q2FY25:- Raised upward to 4.4% from 3.8%
Q3FY25:- Raised upward to 4.7% from 4.6%
Q4FY25: Cut to 4.3% from 4.5%
Q1FY26: CPI inflation forecast at 4.4%
4] Ancillary Measures
Creation of public repository of Digital Lending Apps
Increased periodicity of reporting of credit information to Credit Information Companies
Enhanced transaction limit for tax payment through UPI
Introduction of ‘Delegated Payments’ through UPI
Introduce ‘on-realization-settlement’ in CTS for continuous clearing of cheques
Minutes of the RBI MPC meeting will be published on August 22.
The next meeting of RBI’s MPC is scheduled to take place during October 7-9.
