Highlights of RBI's third monetary policy

Following are the highlights of RBI's third monetary policy review of the current financial year announced by Governor Shaktikanta Das on Wednesday.

• Key lending rate (repo) raised by 50 basis points to 4.9 per cent; 2nd increase in 5 weeks

• Repo rate still remains below pre-pandemic level

• To focus on withdrawal of accommodative policy to tame inflation and support growth

• Inflation projection for current fiscal raised to 6.7% from 5.7%

• Edible oil prices remain under pressure on adverse global supply conditions, notwithstanding some recent correction

• Tense global situation imparts considerable uncertainty to domestic inflation outlook

• GDP growth forecast retained at 7.2% for current financial year

• Economic activity gathering strength; normal monsoon to boost rural consumption

• Credit cards to be linked with UPI; RuPay credit cards to be linked first

• Lending limits for housing loans by co-op banks doubled

• Rural co-op banks permitted to lend to commercial Real Estate - Residential Housing (CRE-RH) sector

• Urban Co-op banks allowed to offer door-step banking

• e-mandates on cards for recurring payments enhanced to Rs 15,000 from Rs 5,000.