RBI MPC 2024 Live Updates

RBI MPC 2024 Live Updates: The Reserve Bank of India (RBI) retained the GDP growth projection at 7 per cent for FY2024-25 on the back of expectations of a normal monsoon, moderating inflationary pressures, and sustained momentum in the manufacturing and services sector.

The headwinds from protracted geopolitical tensions and increasing disruptions in trade routes, however, pose risks to the outlook, Reserve Bank Governor Shaktikanta Das said.

Governor Das added that the outlook for agriculture and rural activity appears bright.

RBI MPC 2024 Live Updates: Governor Das is now takingh question from the press. He listed out key takeaways of the decision announcement.

> Inflation is moderating and GDP growth is robust

> MPC remains focused in aligning inflation to the target on a durable basis; the task is not yet finished

> The financial sector continues to remain stable

> External sector also continues to be resilient

> As we move towards RBI@100, the RBIU will continue to focus on financial stability and promoting a financial sector payment system that is robust, resilient and future ready

RBI MPC 2024 Live Updates: RBI Governor Shaktikanta Das is all set to address the post-policy decision press meet.

The governor will address the questions on RBI's latest monetary decision and the questions on recent macroeconomic and financial developments.

RBI MPC 2024 Live Updates: "At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions," Governor Shaktikanta Das said.

RBI MPC 2024 Live Updates: Governor Das said that the CBDC pilot project is currently in operation with an increasing number of use cases and participating banks. The central bank has proposed to make CBDC Retail accessible by enabling non-bank payment system operators to offer CBDC wallets. 

This will also facilitate testing of the resiliency of CBDC platform to handle multi-channel transactions, Governor Das added.

RBI MPC 2024 Live Updates: "Going forward, the outlook for agriculture and rural activity appears bright, with good rabi wheat crop and improved prospects of kharif crops, due to expected normal south-west monsoon.18 Strengthening of rural demand, improving employment conditions and informal sector activity, 19 moderating inflationary pressures and sustained momentum in manufacturing and services sector should boost private consumption."