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Highlights of RBI's quarterly monetary review

Following are the highlights of the quarterly review of monetary policy announced by RBI.

india Updated: Jul 29, 2008 12:45 IST

Following are the highlights of the quarterly review of monetary policy announced by RBI on Tuesday:

* Short-term lending rate Repo raised by 0.5 % to 9 %

* Cash Reserve Rato raised by 0.25 % to 9 % from Aug 30

* Reverse repo and bank rate unchanged at 6 %

* RBI lowers GDP growth rate projection to 8% from 8-8.5%

* RBI to attempt to cool inflation from 11-12% to 7% by March, 2009

* Earlier objective was to bring down inflation to close To 5 % by March, 2009

* RBI to continue to strive to bring down inflation to 3 % in medium-term

* Liquidity management to be top priority

* Price stability, orderly conditions in financial market to be given high priority

* Early signs of some moderation in money supply.