RBI-highlights: Monetary policy review
Apr 01 2014 , New Delhi
* Short-term lending (Repo) rate unchanged at 8 pc.
* Cash reserve ratio (CRR) too unchanged at 4 pc.
* No rate hike if inflation continues to trend lower.
* Economic growth for 2014-15 expected at 5.5 pc.
* CAD expected to come down to 2 pc of GDP in 2014-15.
* Retail inflation expected to be under 6 pc in 2014.
* RBI asks banks not to charge penalty for failure to maintain minimum balance in inoperative account.
* Approval of new bank licences after consulting EC.
* RBI open to banking mergers, provided competition and stability are not compromised.
* Industrial activity continues to be a drag on economy.
* RBI will strive to increase reach of financial services to everyone by using technology and new products.
* Stress on priority sector lending for greater financial access.
* Today's was first bi-monthly monetary policy review, next one scheduled for June 3.