The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.

Following are the highlights of RBI's monetary policy:

• Hikes benchmark lending rate by 25 basis points to 6.50 per cent

• Projects 6.4 pc economic growth for 2023-24, lower than 7 pc this fiscal

• Inflation to come down to 5.3 pc in 2023-24, from average of 6.5 pc this fiscal

• Inflation outlook clouded by protracted geopolitical tensions, rising commodity prices

• Indian economy resilient; higher rabi acreage, robust credit expansion, thrust on capex in Budget 2023-24 to support growth

• Current account deficit to moderate in Oct-March, from 3.3 pc in April-Sept this fiscal

• Foreign exchange reserves at $576.8 billion as on January 27, 2023, covers 9.4 months of projected imports for 2022-23

• Indian rupee remained one of the least volatile currencies among its Asian peers in 2022 and this year

• All inbound travellers to India will be allowed to use UPI for their merchant payments

• Pilot for QR Code based Coin Vending Machine (QCVM) to be launched in 12 cities

• Next meeting of the monetary policy committee scheduled for April 3-6.