New Delhi: Following are the highlights of RBI bi-monthly monetary policy statement:
* Short-term lending (Repo) rate unchanged at 8%
* Cash reserve ratio (CRR) unchanged at 4%
* SLR cut by 0.50% to 22.5% to unlock banking funds
* Expect economic growth for 2014-15 to be between 5-6%
* Further policy tightening will not be warranted if inflation continues to decline
* Reiterates CPI inflation target of 8% by January 2015, 6% 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% from 50%
* 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.
