RBI Bimonthly June 22 announcements

Salient points of RBI’s monetary policy announcements today

1. Repo Rate increased by 50 BPS from 4.40 to 4.90%. Consequent adjustment in Standing deposit facility (SDF) rate to 4.65%; Marginal Standing Facility (MSF) rate and the Bank Rate to 5.15%
2. Credit cards to be linked to UPI, starting with RuPay
3. Limit increased for standing instructions on credit cards from ₹5,000 to ₹15,000 per transaction
4. Projection for FY23 GDP growth retained at 7.2%
5. Inflation projected at 6.7% for FY23
6. Cooperative Banks- Loan limit per borrower for Housing loans increased and permitted to offer door step banking services to their customers
7. Likely to introduce Digital Rupee this fiscal