From home loan EMIs to door-step banking services by co-op banks: Here are the RBI MPC meet highlights

Mumbai, Jun 8: Following are the highlights of RBI's third monetary policy review of the current financial year announced by Governor Shaktikanta Das on Wednesday

Key lending rate (repo) raised by 50 basis points to 4.9 per cent; 2nd increase in 5 weeks

• Repo rate still remains below pre-pandemic level
• To focus on withdrawal of accommodative policy to tame inflation and support growth
• Inflation projection for current fiscal raised to 6.7 pc from 5.7 pc
• Edible oil prices remain under pressure on adverse global supply conditions, notwithstanding some recent correction
• Tense global situation imparts considerable uncertainty to domestic inflation outlook
• GDP growth forecast retained at 7.2 pc for current financial year
• Economic activity gathering strength; normal monsoon to boost rural consumption
• Credit cards to be linked with UPI; RuPay credit cards to be linked first
• Lending limits for housing loans by co-op banks doubled
• Rural co-op banks permitted to lend to commercial Real Estate - Residential Housing (CRE-RH) sector
• Urban Co-op banks allowed to offer door-step banking
• e-mandates on cards for recurring payments enhanced to Rs 15,000 from Rs 5,000.