Following are the highlights of the RBIs fourth monetary policy review of fiscal year 2022-23 announced by Governor Shaktikanta Das: Key short-term lending rate (repo) raised by 50 basis points (bps) to 5.4 per cent; third consecutive hike In all, 140 bps hike in repo since May 2022 to check inflation GDP growth projection for 2022-23 retained at 7.2 per cent (pc).GDP growth projection: Q1 at 16.2 pc; Q2 at 6.2 pc; Q3 at 4.1 pc; and Q4 at 4 pc Real GDP growth for Q1:2023-24 projected at 6.7 per centDomestic economic activity exhibiting signs of broadeningRetail inflation projection too retained at 6.7 pc for 2022-23 Inflation projection: Q2 at 7.1 pc; Q3 at 6.4 pc; and Q4 at 5.8 pc; Q1:2023-24 at 5 pc India witnessed large portfolio outflows of USD 13.3 billion in FY23 up to August 3 Financial sector well capitalised and soundIndias foreign exchange reserves provide insurance against global spillovers Monetary Policy Committee decides to remain focused on withdrawal of accommodative stance to check inflationDepreciation of rupee more on account of appreciation of US dollar rather than weakness in macroeconomic fundamentals of the Indian economy RBI to remain watchful and focused on maintaining stability of rupee Rupee depreciated by 4.7 pc against US dollar this fiscal year till August 4 Indias foreign exchange reserves remain fourth largest globally Mechanism to be activated to allow NRIs to use Bharat Bill Payment System for payments of utility and education on behalf of their families in India Next meeting of rate-setting panel scheduled for September 28-30, 2022.