RBI kept rates unchanged during its monetary policy review today Raghuram Rajan's last

Reserve Bank of India Governor Raghuram Rajan has announced his last Bi-monthly Monetary Policy Statement today before leaving the office in September. In this review meeting, he has kept the repo rate unchanged at 6.5%, reverse repo rate unchanged at 6 %, CRR unchanged at 4%, SLR unchanged at 21.5%. LAF will remain unchanged at 6%, and the marginal standing facility (MSF) rate and the Bank Rate at 7 %.

The RBI said risks to the inflation target of 5% for March 2017 continue to be on the upside as it jumped to 22 month high of 5.8% in June. RBI maintained a GDP growth projection of 7.6% for the current financial year. The central bank also said the passage of the Goods and Services Tax (GST) Bill reflects growing political consensus for economic reforms and it will be good for the economy.