2024 RBI Monetary Policy’s 5 Key Points -Remain unchanged for 9th time- Inflation Control Takes Center Stage!
RBI monetary policy 2024 remains Unchanged for the 9th Time, Focusing on Inflation Control!
Recently, the Reserve Bank of India (RBI) announced to maintain the same policy rates for the ninth consecutive time including keeping the benchmark repo rate unchanged at 6.5%. However, the strategy behind keeping the repo rate the same as before is to ensure inflation for growth purposes.
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Some RBI Monetary Policy 2024 key points to note
- No Change in Policy Rates: The RBI MPC chose to keep the repo rate and monetary policy stance unchanged as the authorities prioritizing the inflation aligns.
- GDP Forecast Unchanged: The RBI retained its real GDP growth forecast for FY25 at 7.2%, with a slight moderation in the Q1 growth projection.
- Core Inflation Eases: The inflation is witnessed low in May and June. However, food inflation is still a fact that should be taken into consideration.
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- Public Repository of Lending Apps: Super soon, a public repository of digital lending apps will created in order to address the issues from unauthorized apps
- Faster Cheque Clearing: For the purpose of benefiting both payers and payees, the RBI proposed to reduce the cheque-clearing cycle.
Final Verdict
The predominant aim of the RBI monetary policy 2024 is to support economic growth and control inflation so for this, the authorities keep the monetary policies unchanged. On the other hand, Food inflation is still a great concern to consider. However, RBI tries to keep the stability and growth in the country balanced.
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