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Following are the highlights of RBI’s first bi-monthly monetary policy statement, 2015-16:
* Short-term lending rate (repo) unchanged at 7.5%
* Cash Reserve Ratio unchanged at 4%
* Retains Statutory Liquidity Ratio at 21.5%
* Estimates GDP growth at 7.8% in FY’16, up from 7.5% in FY’15
* Forecasts CPI inflation at 5.8% by March 2016
* CPI inflation to dip to 4% in August 2015
* Hailstorms in March affected 17% of the rabi crop sown area
* Future rate cuts will depend on interest rate reduction by banks
* India better prepared to deal with volatility post US Federal Reserve rate action
* State cooperative banks to be allowed to set up offsite/ mobile ATMs without prior approval from RBI
* RBI to formulate scheme for market making by primary dealers in semi—liquid and illiquid G—Secs
* Second bi-monthly policy statement on June 2
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