RBI Monetary Policy 2024 Highlights: RBI keeps repo rate unchanged; FY25 GDP growth projected at 7%; inflation at 4.5%

Syllabus: GS-III  Subject: Economy  Topic: Monetary policies and instruments. Issue: Price stability.

Context: RBI Monetary Policy 2024.

Key Highlights:

• Policy stance maintained at ‘withdrawal of accommodation’.
• A scheme for trading sovereign green bonds at IFSC to be introduced.
• Introduction of a mobile app for RBI’s Retail Direct Scheme access.
• Small finance banks permitted to deal in rupee interest rate derivative products.
• UPI enabled for Cash Deposit Facility.
• UPI access for Prepaid Payment Instruments through third-party apps.
• Distribution of Central Bank Digital Currencies (CBDCs) through Non-bank Payment System Operators.

Prelims Connect: