BANKING

The Reserve Bank of India has increased its inflation projection for FY24 to 5.4% due to escalating vegetable prices, while core inflation remains under control. The second quarter is likely to see steep inflation of 6.2%. Projections for inflation in Q1FY25 were also revised upwards. Despite higher-than-expected inflation, policymakers kept the policy repo rate unchanged at 6.5%, citing the short-term nature of supply-side shocks.

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