What the RBI said in its latest monetary policy

The Following are the highlights of the RBI's monetary policy statement 2021-22.

• Benchmark lending rate kept unchanged 10th time in a row at 4 pc, reverse repo rate at 3.35 pc
• Projects GDP growth at 7.8 pc for next fiscal, against 9.2 pc this fiscal
• India charting different course of recovery than rest of the world; to be fastest growing economy
• RBI to continue with accommodative stance to revive and sustain growth; pandemic hold global economy hostage
• Retail inflation projected at 5.3 pc for current fiscal, 4.5 pc in FY23
• Inflation to peak in the current quarter within tolerance band, moderating in the second half of next fiscal
• Hardening global crude oil prices present upside risk to inflation
• Indian rupee showed resilience in the face of global spillovers
• Current account deficit to be below 2 pc of GDP in current fiscal
• Overall system liquidity remains in large surplus
• RBI would continue to insulate domestic economy from global spillovers
• RBI extends by 3 months on-tap liquidity facility of Rs 50,000 crore for healthcare, contact intensive sector
• E RUPI digital voucher cap raised from Rs 10,000 to Rs 1 lakh and multiple-use permitted

The next meeting of the Monetary Policy Committee (MPC) is scheduled during April 6-8.