RBI Hikes Repo Rate By 25 Basis Points 

RBI MPC votes to raise policy repo rate by 25 bps to 6.50%. Four out of six members voted in favour of hiking rates while remaining focused on the withdrawal of accommodation. 

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Inflation Outlook

CPI inflation is expected to remain above the RBI's target of 4% in FY24.

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FY24 Real GDP Growth Projected At 6.4%

Q1 growth was seen at 7.8%, Q2 at 6.2%, Q3 at 6%, and Q4 at 5.8%, said the RBI Governor. The risks of the GDP projection are evenly balanced, he added.

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RBI To Launch QR Code-Based Coin Vending Machines

These machines will issue coins against debits to customers' UPI-linked accounts. Based on the lessons learned from the pilot, guidelines will be issued to banks.

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Foreign Travellers Allowed UPI For Merchant Payments

The central bank proposed to allow all in-bound travellers to India to use UPI for merchant payments. To begin with, it will be allowed for travellers from G20 countries at select airports.

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