Following are the highlights of the RBI's 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 cent
• Domestic economic activity exhibiting signs of broadening
• Retail 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 sound
• India's foreign exchange reserves provide insurance against global spillovers 
• Monetary Policy Committee decides to remain focused on withdrawal of accommodative stance to check inflation
• Depreciation 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 
• India's 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.