RBI policy meet: The governor of the Reserve Bank of India (RBI) announced that the repo rate will remain unchanged at 6.5 percent.
Additionally, the RBI projected a GDP growth of 7 percent for the financial year 2024-25, lower than the current fiscal year. The governor also stated that consumer price index inflation for the same period is projected at 4.5 percent.
India’s foreign exchange reserves stood at $622.5 billion as of February 2, indicating a strong external sector.
Lastly, the RBI proposed a principle-based framework for the authentication of digital transactions, while acknowledging the popularity of SMS-based OTP.
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