RBI hikes CRR to 7%, other rates steady

The central bank also keeps unaltered its forecasts for economic growth at 8.5% and inflation rate at under 5%.

India's key interest rates were kept unchanged as the country's central bank reviewed its monetary and credit policy for the current fiscal in the backdrop of some control over inflation.

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This was the first quarterly review of the policy that was announced by Reserve Bank of India (RBI) Governor YV Reddy in April.

The reserve bank also kept unaltered its forecasts for economic growth at 8.5 per cent for 2007-08 and inflation rate at under five per cent.