Reserve Bank of India Governor Raghuram Rajan kept the country's key policy repo rate unchanged at 8 percent on Tuesday, as widely expected, with consumer price inflation coming down this year after a series of tightening steps by the central bank.
Here are the highlights:
* Short-term lending (Repo) rate unchanged at 8 pc
* Cash reserve ratio (CRR) unchanged at 4 pc
* SLR cut by 0.50 pc to 22.5 pc to unlock banking funds
* Expect economic growth for 2014-15 to be between 5-6 pc
* Further policy tightening will not be warranted if inflation continues to decline
* Reiterates CPI inflation target of 8 pc by January 2015, 6 pc by 2016
* Decisive election results should help bring in gradual recovery of growth
* Farm sector outlook clouded by forecast of delay in monsoon
* Export credit refinance facility cut to 32 pc from 50 pc
* FPIs allowed in currency derivative market
* Indians as well as non-residents can carry up to Rs 25,000 while leaving country
* This facility not valid for citizens of Pakistan and Bangladesh
* Next bi-monthly policy statement on August 5
*Hikes eligibility limit for forex remittances to USD 1,25,000, from USD 75,000 at present.