Highlights of RBI's quarterly monetary review

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

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

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* 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.