Highlights of India's monetary policy update

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 on Tuesday.

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:

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* 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