RBI’s Monetary Policy- 2024

On April 5, 2024, the Governor of the Reserve Bank of India (RBI) declared the first monetary policy for the fiscal year 2024–25. The major elements of monetary policy are as follows:

· RBI‘s Governor Mr. Das made a big statement today “India’s Foreign exchange reserves reached an all-time high of $billion as of March 29, 2024”. Building forex reserves add to the strength of the national balance sheet. RBIs Governor said.

· According to RBI Governor Shaktikanta Das, the Indian rupee is still mainly rangebound. It continues to be the most stable of the major currencies, he continued. According to Das, the rupee saw the least volatility in FY24 when compared to the preceding three years.

· Governor Shaktikanta Das stated that the RBI will issue the framework for a FinTech Self-Regulatory Organization by the end of this month.

· To encourage retail involvement in the government securities market, the RBI has announced that it will release a mobile app.

· According to RBI, Indias GDP is projected to grow at 7% in FY25, while retail inflation is likely to be at 4.5%.

· RBI allowed customers to deposit cash into cash deposit machines (CDMs) using UPI. CDMs, or cash deposit machines, allow you to deposit cash immediately into your bank account using a debit card, saving you the inconvenience of visiting the bank.

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