The high points of Raghuram Rajan's farewell policy

Reserve Bank of India Governor Raghuram Rajan on Tuesday maintained status quo on key rates at his last policy review meeting.

Following are the highlights of RBI's third bi-monthly monetary policy statement, 2016-17:

• Repo rate unchanged at 6.50 per cent, Reverse Repo at 6%
• Cash reserve ratio or CRR unchanged at 4%
• Growth forecast at 7.6% for the current fiscal
• Inflation target remains 5% for January 2017; upside risk
• Normal monsoon, 7th Pay Commission award to boost growth
• GST roll out to boost business sentiment, investment
• Timely implementation of GST a challenge
• Premature to talk about inflationary impact of GST
• FCNR(B) redemptions not to disrupt liquidity in market
• Banks have passed on rate cut benefit only modestly
• FAQ on KYC norms on RBI website for easy reference
• Marginal Cost Lending Rate framework for interest rate to be modified
• Forex reserves at $365.7 billion on August 5
• Fourth bi-monthly monetary policy on October 4.

Image: RBI Governor Raghuram Rajan. Photograph: Reuters