New Delhi: Following are the highlights of RBI's bi-monthly monetary policy statement:
* Short-term lending rate unchanged at 7.75%
* Cash Reserve Ratio unchanged at 4%
* Statutory Liquidity Ratio cut to 21.5%, effective February 7, to unlock banking funds
* Current Account Deficit at 1.3% of GDP for 2014-15
* Inflation target at 6 percent by January 2016
* GDP growth estimates under old base for current fiscal at 5.5%; 6.5% for 2015-16
* Banks asked to lend to productive sector to spur investment, growth
* Limit of foreign exchange remittance doubled to USD 2,50,000 per person annually
* 72 application for Small Finance Banks, 41 for Payments Banks received
* Export credit refinance to be replaced with provision of system level liquidity, effective February 7
* Foreign portfolio investors allowed to re-invest in G-Secs after their investment limits are utilised
* Bi-monthly policy statement for 2015-16 on April 7.
PTI
First Published: Tuesday, February 3, 2015, 12:16