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Highlights of India's monetary policy update

india Updated: Jul 28, 2009 12:16 IST

IANS
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Following are the highlights of the first quarterly update of India's monetary policy for this fiscal, unveiled by Reserve Bank of India Governor D. Subbarao in Mumbai Tuesday:

* Bank rate retained at 6 pe rcent

* Repo rate unchanged at 4.75 per cent

* Reverse repo rate unchanged at 3.25 per cent

* Cash reserve ratio unchanged at 5 per cent

* Statutory liquidity ratio unchanged at 24 per cent

* Inflation forecast hiked to 5 percent from 4 per cent

* Negative inflation only a statistical phenomenon

* Balance between liquidity and inflation main concern

* India's growth now forecast at 6 per cent with upward bias

* More scope for cutting rates by commercial banks

* Money supply may grow 18 per cent this fiscal

* Policy will ensure enough commercial credit