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Credit
Policy: RBI keeps rates unchanged
April 29, 2008
The Reserve Bank of India announced the Monetary and Credit
Policy on Tuesday. Following are the highlights:
- RBI hikes CRR by 0.25 per cent from May 24;
- Repo, Reverse Repo, Bank Rates unchanged.
- RBI projects economy to grow by 8-8.5 per cent in
2008-09;
- Inflation to be brought down to around 5.5 per cent in
2008-09 with a preference for bringing it close to 5.0 per
cent as soon as possible. Going forward, the resolve is to
condition policy and perceptions for inflation in the range
of 4.0-4.5 per cent so that an inflation rate of around 3.0
per cent becomes a medium-term objective.
- High priority to price stability, well-anchored
inflation expectations and orderly conditions in financial
markets while sustaining the growth momentum.
- Swift response on a continuous basis to evolving adverse
international and domestic developments through both
conventional and unconventional measures.
- Emphasis on credit quality and credit delivery while
pursuing financial inclusion. Scheduled banks required to
maintain CRR of 8.25 per cent with effect from the fortnight
beginning May 24, 2008.
- M3 expansion to be moderated in the range of 16.5-17.0
per cent during 2008-09.
- Deposits projected to increase by around 17.0 per cent
or Rs 5,50,000 crore (Rs 5,500 billion) during 2008-09.
- Adjusted non-food credit projected to increase by around
20.0 per cent during 2008-09.
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