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Banks shall maintain an incremental CRR of 10% on increase in deposits between May 19 and July 28, with effect from the fortnight starting Aug. 12, RBI Governor Shaktikanta Das said in his monetary policy announcement.
RBI Monetary Policy August 2023: Shaktikanta Das said that the headline inflation after reaching a low of 4.3 per cent in May 2023, rose in June and is expected to surge during July and August, led by vegetable prices.
Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said domestic economic activity is maintaining resilience.
The Reserve Bank of India raised its inflation projection for FY24 from 5.1 per cent to 5.4 per cent, while retaining its GDP projection at 6.5 per cent.
CPI inflation projection revised to 5.4%; GDP growth forecast retained at 6.5%.