RBI Monetary Policy October 2021: Key highlights

Mumbai, Oct 8: Following are the highlights of the RBI's bi-monthly monetary policy announced by Governor Shaktikanta Das:

• RBI keeps short-term lending rate (repo) at 4 pc for 8th time in row; retains accommodative policy stance
• Marginal standing facility rate and bank rate too remain unchanged at 4.25 pc; Reverse repo rate also unchanged at 3.35 pc
• GDP growth projection too retained at 9.5 pc for FY''22
• Real GDP growth for Q1:2022-23 projected at 17.2 pc
• RBI says retail inflation likely to be 5.3 pc for 2021-22, lower than earlier projection of 5.7 pc
• Going forward, several evolving factors provide comfort on food price front, says RBI Guv
• RBI says took over 100 measures to safeguard economy from the ravages of COVID pandemic since March, 2020
• RBI to ensure adequate liquidity in system to support process of economic recovery
• RBI to introduce framework for retail digital payments in offline mode across India
• Per transaction limit via IMPS to be increased to Rs 5 lakh from current Rs 2 lakh
• Another cohort on 'Prevention and Mitigation of financial frauds' under Regulatory Sandbox scheme to be introduced
• Internal Ombudsman mechanism to be introduced to address grievances of customers of large Non-Banking Financial Companies (NBFCs)
• Next Monetary Policy Committee meeting scheduled to take place during December 6