New Delhi: The decisions of the Reserve Bank of India (RBI) MPC meeting (RBI MPC Meet 2024) have been announced. At 10 am, RBI Governor Shaktikanta Das announced the decisions of the MPC meeting. No change has been made in the repo rate in this meeting.

Apart from the repo rate, Governor Das has announced many other important decisions in the MPC meeting. Let us know about the main points of the RBI MPC meeting.

Repo Rate

This time also it has been decided to keep the repo rate stable at 6.5 percent. In February 2023, the repo rate was reduced from 6.25 percent to 6.5 percent. Since then, the repo rate has been kept stable for the ninth consecutive time. The cash reserve ratio has been kept stable at 4.50 percent and SLR has also been kept stable at 18 percent.

GDP

In view of the rising inflation in the country, the GDP growth estimate has been reduced in the MPC. However, the real GDP growth of the current financial year has been kept stable at 7.2 percent. But, the GDP growth for the first quarter has been reduced from 7.3 percent to 7 percent. The estimate for the second quarter was kept at 7.2 percent, for the third quarter at 7.3 percent and for the fourth quarter at 7.2 percent.

inflation rate

Regarding the rising inflation in the country, the retail inflation rate (CPI) for the financial year 2025 was kept stable at 4.5 percent. However, the inflation rate estimate for the second quarter was increased from 3.8 percent to 4.4 percent. At the same time, for the third quarter it was increased from 4.6 percent to 4.7 percent. Similarly, the CPI estimate for the fourth quarter was reduced from 4.5 percent to 4.3 percent.

Forex

The RBI Governor said that the forex reserve has reached its record high. By August 2, 2024, the foreign exchange had reached $ 67,500 crore.

UPI

In the RBI MPC meeting, the limit of tax payment through UPI has been increased. It has been increased from Rs 1 lakh to Rs 5 lakh.

cheque payment clearance

RBI is working on speeding up cheque payment clearance. Shaktikanta Das said that efforts are being made to reduce cheque payment clearance to a few hours in 2 days.