Following are the highlights of RBI's monetary policy announced on Friday:

• Benchmark interest rate hiked by 50 basis points to 3-year high at 5.90 per cent.

• Economic growth projection for FY23 cut to 7 pc from 7.2 pc estimated in August.

• GDP expected to grow at 6.3 pc in September quarter, 4.6 pc each in December and March quarters.

• Inflation projection retained at 6.7 pc for ongoing fiscal year (FY23)Inflation to remain above upper tolerance limit of 6 pc till December.

• Average crude oil price for Indian basket expected at USD 100 per barrel.

• RBI to remain focused on withdrawal of accommodative monetary policy stance to check prices.

• RBI says rupee movement orderly against US dollar; depreciated only 7.4 pc this year till September 28.

• RBI does not have a fixed exchange rate for rupee; intervenes in market to curb excessive volatility.

• Forex reserve down 67 pc at USD 537.5 billion as of September 23 this year.

• The central bank confident of financing external sector deficit.

• World in midst of third major shock from aggressive monetary tightening by central banks.

• Indian economy resilientMerchandise exports affected due to external factors, private consumption picking up.

• Recent correction in global crude oil prices if sustained may provide relief from inflation.

• Bank credit has grown at accelerated pace of 16.2 pc.

• Next meeting of the Monetary Policy Committee on December 5-7.