Highlights of RBI's monetary policy

The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation.

Following are the highlights of RBI's monetary policy:

• Hikes benchmark lending rate by 25 basis points to 6.50 per cent

• Projects 6.4 pc economic growth for 2023-24, lower than 7 pc this fiscal

• Inflation to come down to 5.3 pc in 2023-24, from average of 6.5 pc this fiscal

• Inflation outlook clouded by protracted geopolitical tensions, rising commodity prices

• Indian economy resilient; higher rabi acreage, robust credit expansion, thrust on capex in Budget 2023-24 to support growth

• Current account deficit to moderate in Oct-March, from 3.3 pc in April-Sept this fiscal

• Foreign exchange reserves at $576.8 billion as on January 27, 2023, covers 9.4 months of projected imports for 2022-23

• Indian rupee remained one of the least volatile currencies among its Asian peers in 2022 and this year

• All inbound travellers to India will be allowed to use UPI for their merchant payments

• Pilot for QR Code based Coin Vending Machine (QCVM) to be launched in 12 cities

• Next meeting of the monetary policy committee scheduled for April 3-6.