In its monthly State of the Economy article, the Indian central bank s economists also warned that if headline retail inflation is not brought down to the medium-term target of 4 percent and
India s annual retail inflation eased to a four-month low of 4.87% in October but remained above the RBI s 4% target. The central bank expects inflation to average 5.4% in 2023-24.
The Unified Payments Interface (UPI) added another billion to reach 11 billion transactions in a short span of two months, the quickest addition of a billion, to date, said RBI Bulletin.