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Highlights
of India's monetary policy update
Indo-Asian News
Service
Mumbai, July 28 (IANS) 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
here Tuesday:
* Bank rate retained at 6 percent
* Repo rate unchanged at 4.75 percent
* Reverse repo rate unchanged at 3.25 percent
* Cash reserve ratio unchanged at 5 percent
* Statutory liquidity ratio unchanged at 24 percent
* Inflation forecast hiked to 5 percent from 4 percent
* Negative inflation only a statistical phenomenon
* Balance between liquidity and inflation main concern
* India's growth now forecast at 6 percent with upward bias
* More scope for cutting rates by commercial banks
* Money supply may grow 18 percent this fiscal
* Policy will ensure enough commercial credit
Indo-Asian
News Service
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