RBI MPC Meeting Outcomes Today: The RBI Monetary Policy Committee (MPC) meeting has concluded, and once again, the decision has been made to keep the repo rate unchanged at 6.5%. Additionally, in a move to promote digital payments, RBI has increased the limit of UPI Lite.
RBI Governor Shaktikanta Das announced this decision during the Monetary Policy meeting today. He also introduced new guidelines for banks and Non-Banking Financial Companies (NBFCs) regarding non-business floating rate loans.
Key Announcements by the Governor on RBI MPC :
- Increase in UPI Lite Wallet Limit: The UPI Lite wallet limit has been raised from ₹2,000 to ₹5,000.
- UPI Limit Proposal: The RBI proposed increasing the UPI limit for selected transactions.
- No Prepayment Penalty: Banks and NBFCs can no longer charge foreclosure fees or prepayment penalties on non-business floating rate loans.
- NBFC Concerns: While the financial health of banks and most NBFCs remains strong, concerns were raised regarding the growth of some NBFCs.
10 Key Highlights of the RBI New Monetary Policy:
| Sr. No. | Highlight |
|---|---|
| 1 | No change in repo rate; remains steady at 6.5%. |
| 2 | 5 out of 6 MPC members voted to keep rates unchanged. |
| 3 | MPC unanimously shifted policy stance to ‘neutral.’ |
| 4 | Reduced GDP and inflation estimates for the second quarter. |
| 5 | Tight surveillance on unsecured loans. |
| 6 | Expressed concern over rapid NBFC growth and issued warnings. |
| 7 | No penalty on prepayment of non-business floating rate loans. |
| 8 | FY25 GDP growth forecast remains at 7.2%, CPI at 4.5%. |
| 9 | Raised Q3 and Q4 FY25 GDP forecasts to 7.4%. |
| 10 | Reduced Q4 FY25 CPI forecast from 4.3% to 4.2%. |
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