Highlights of RBI's 1st bi-monthly monetary policy of 2022-23

A look at the first monetary policy of the current financial year unveiled by the Reserve Bank Governor Shaktikanta Das.

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

1. Policy repo rate unchanged at 4 pc; marginal standing facility rate & bank rate too remain unchanged at 4.25 pc.
2. 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.
3. Inflation forecast hiked to 5.7 pc for FY'23 from 4.5 pc.
4. RBI will come out with a discussion paper on climate risk and sustainable finance.
5. Card-less cash withdrawal facility to be extended to all banks and ATM networks using the UPI.
6. Investment activity to gain traction with improving business confidence, pick up in bank credit, government capex plans.
7. Opening time for RBI regulated financial markets to be restored to pre-pandemic timing of 9:00 am from April 18.
8. Gradual withdrawal of Rs 8.5 lakh crore liquidity overhang to be undertaken over several years.
9. Rationalised housing loans norms extended till March 31, 2023.
10. Committee to be set up for review of customer service standards in RBI regulated entities.
11. Robust Rabi output to support recovery in rural demand, pick-up in contact-intensive services.

(with PTI inputs)