Highlights of Reserve Bank's monetary policy announced on Thursday

Mumbai: Following are the highlights of the Reserve Bank's bi-monthly monetary policy announced on Thursday:

- Benchmark interest rate (repo) retained at 6.5 pc for ninth time;

- To remain focused on withdrawal of monetary policy accommodation to check inflation, and support growth;

- GDP growth forecast for FY'25 retained at 7.2 pc;

- Retail inflation projection also retained at 4.5 pc for FY'25;

- Global economic outlook remains resilient although with some moderation in pace;

- Domestic economic activity continues to sustain its momentum;

- Current account deficit manageable; forex reserves rises to historic high of USD 675 billion

- Indian rupee remained largely range-bound in FY'25 so far;

- Indian financial system remains resilient, gaining strength;

- RBI to set up public repository of digital lending apps to check unauthorised players;

- To introduce 'Delegated Payments' through UPI;

- Proposes steps to speed up cheque clearance;

- Limit for tax payments through UPI raised from Rs 1 lakh to Rs 5 lakh per transaction;

- Next meeting of MPC scheduled during October 7 to 9.