RBI Monetary Policy 2023: RBI is going to install vending machines in 12 cities to withdraw coins. First its pilot project will be launched. RBI Governor Shaktikanta Das said this while announcing monetary decisions today.
New Delhi. Announcing the decisions taken in the Monetary Policy Committee (MPC) meeting today, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the central bank will launch a pilot project of QR-based vending machines. This will be done to increase the availability of coins. The Reserve Bank will start it in 12 cities in the initial phase. The governor has said that these machines will be used through UPI and coins will be issued here instead of bank notes.
RBI Governor has announced to increase the repo rate by 0.25 percent in his first monetary speech of 2023. This is the sixth consecutive time when the repo rate is being increased by the RBI. The repo rate has now reached 6.50 percent. Due to this, the loan of banks is expected to become more expensive. EMI will become expensive for those who already have loans. The RBI governor said that in the meeting of the Monetary Policy Committee, 4 out of 6 people voted in favor of increasing the repo rate.
Inflation expected to come under control
According to Shaktikanta Das, the CPI based inflation rate for FY23 is estimated to be 6.5 per cent, compared to 6.7 per cent in the previous financial year. At the same time, it is expected to come down to 5.3 per cent in the next financial year i.e. 2023-24. According to Governor Das, due to the good yield in Rabi season, inflation in food items will come down.
India’s growth rate
Regarding the growth of the country’s GDP, Shaktikanta Das has said that the real growth rate of India in the financial year 2023-24 is estimated to be 6.4 percent. According to Das, it will reach 7.8 per cent in the April-June 2023 quarter, which was 7.1 per cent in the same period last year. Apart from this, it is estimated to grow at 6.2 percent in July-September against 5.9 percent, 6 percent in October-December and 5.8 percent in January-March 2024. Shaktikanta Das told that the Indian rupee has been more stable than other Asian currencies. He said the global economy is now in a better position than it was a few months ago, but inflation in many countries still remains outside the target range.
