Highlights of Reserve Bank's monetary policy announced on Thursday

Mumbai, Aug 8 (PTI) Following are the highlights of the Reserve Bank's bi-monthly monetary policy announced on Thursday: * Benchmark interest rate (repo) retained at 6.5 pc for ninth time; * To remain focused on withdrawal of monetary policy accommodation to check inflation, and support growth; * GDP growth forecast for FY'25 retained at 7.2 pc; * Retail inflation projection also retained at 4.5 pc for FY'25; * Global economic outlook remains resilient although with some moderation in pace; * Domestic economic activity continues to sustain its momentum; * Current account deficit manageable; forex reserves rises to historic high of USD 675 billion * Indian rupee remained largely range-bound in FY'25 so far; * Indian financial system remains resilient, gaining strength; * RBI to set up public repository of digital lending apps to check unauthorised players; * To introduce 'Delegated Payments' through UPI; * Proposes steps to speed up cheque clearance; * Limit for tax payments through UPI raised from Rs 1 lakh to Rs 5 lakh per transaction; * Next meeting of MPC scheduled during October 7 to 9. PTI NKD DRR