rbi: Highlights of RBI’s 1st bi-monthly monetary policy of 2022-23

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Following are the highlights of the RBI’s first monetary policy statement of 2022-23 unveiled by Governor Shaktikanta Das:

* Policy repo rate unchanged at 4 pc; marginal standing facility rate & bank rate too remain unchanged at 4.25 pc.

* Monetary stance to be accommodative with focus on withdrawal of accommodation to keep inflation within target.

* GDP growth projection for FY’23 slashed to 7.2 pc from 7.8 pc; growth projections based on assumption of crude oil (Indian basket) price at USD 100 a barrel during FY’23.

* Inflation forecast hiked to 5.7 pc for FY’23 from 4.5 pc.

* Escalating geopolitical tensions to cast a shadow on economic outlook.

* Robust Rabi output to support recovery in rural demand, pick-up in contact-intensive services.

* Investment activity to gain traction with improving business confidence, pick up in bank credit, government capex plans.

* Opening time for RBI regulated financial markets to be restored to pre-pandemic timing of 9:00 am from April 18.

* Gradual withdrawal of Rs 8.5 lakh crore liquidity overhang to be undertaken over several years.

* Rationalised housing loans norms extended till March 31, 2023.

* RBI will come out with a discussion paper on climate risk and sustainable finance.

* Committee to be set up for review of customer service standards in RBI regulated entities.

* Card-less cash withdrawal facility to be extended to all banks and ATM networks using the UPI.

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