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Monetary Policy Highlights: Now, tax up to Rs 5 lakh can be paid at a time through UPI, currently this limit is Rs 1 lakh. Explaining the decisions of the Monetary Policy Committee, RBI Governor Shaktikanta Das said that steps are proposed to be taken to make check clearance within a few hours. He expressed concern over the trend of taking additional loan (top-up home loan) on old home loan.
Highlights of RBI MPC decisions
No change in policy rates: The RBI MPC decided to keep the repo rate and monetary policy stance unchanged in the August policy meeting. Governor Shaktikanta Das announced that the MPC decided to keep the repo rate unchanged at 6.5 percent by a majority of 4:2. The MPC also decided to maintain its 'accommodative' stance.
GDP forecast for FY25 unchanged: The RBI retained its real GDP growth forecast for FY25 at 7.2 per cent, with the first quarter at 7.1 per cent, slightly lower than the earlier estimate of 7.3 per cent. However, the RBI retained its GDP growth forecast for the second quarter at 7.2 per cent, 7.3 per cent for the third quarter and 7.2 per cent for the fourth quarter. The GDP growth forecast for FY26 is 7.2 per cent.
Food inflation a major concern: The MPC retained the CPI (Consumer Price Index)-based inflation forecast for FY25 at 4.5 per cent. However, there have been some changes in the inflation forecast in different quarters. The forecast for Q2FY25 is now 4.4 per cent from 3.8 per cent, the forecast for Q3FY25 is now 4.7 per cent from 4.6 per cent and the forecast for Q4FY26 is now 4.3 per cent from 4.5 per cent. The forecast for Q1FY26 is 4.4 per cent. “Headline inflation is moderating, but the pace is uneven and slow,” Das said.