Highlights of RBI's monetary policy

MUMBAI: Following are the highlights of the bi-monthly monetary policy announced by Governor Sanjay Malhotra on Friday:

* Repo rate (short-term lending rate) reduced by 25 bps to 6.25 pc;

* First rate cut after a gap of 5 years; last reduction was in May 2020;

* To continue 'neutral' monetary policy stance;

* GDP growth for FY'26 projected at 6.7 pc;

* Inflation to come down to 4.2 pc in FY'26 from 4.8 pc in FY'25;

* Food inflation pressures likely to see significant softening;

* Core inflation expected to rise but remain moderate;

* Banks to have 'bank.in' internet domain name, non-banks 'fin.in';

* RBI says global economic backdrop remains challenging;

* Indian economy continue to remain strong, resilient;

* CAD expected to remain well within sustainable level;

* As on Jan 31, India's forex reserves stood at USD 630.6 billion, providing import cover of over 10 months;

* Next meeting of Monetary Policy Committee scheduled for April 7-9.