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India On Media |
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| Money
News |
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| RBI keeps key rates, CRR unchanged |
| The Reserve Bank on Tuesday lowered the economic growth forecast to 7 per cent,
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| INDIA
, 27-January-2009
1:34:17 AM |
| The Reserve Bank on Tuesday lowered the economic growth forecast to 7 per cent, saying the global economic crisis has hit Indian shores, but kept key policy rates and ratio unchanged.
The bank also lowered Inflation estimates to 3 per cent by March end.
In its quarterly review of the annual monetary policy, the apex bank extended special refinance facilities to banks up to September 30 for providing liquidity support to meet the funding requirements of mutual funds, non-banking finance companies and housing finance companies by relaxing the maintenance of SLR up to 1.5 per cent.
Likewise, special refinance facility for scheduled commercial banks up to one per cent to each banks liabilities, has been extended to September 30. Both these facilities were earlier available up to June 30, 2009.
These measures have been taken to provide banks continued flexibility in their liquidity management operations in the current market conditions. Given the uncertain outlook on the global crisis, the RBI said it was difficult to precisely anticipate every development
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