Mumbai: The following are the highlights of the Annual Monetary Policy for 2012-13 announced by the Reserve Bank of India (RBI) Governor D Subbarao on Tuesday:
* Short term lending rate (repo) lowered by 0.50 per cent to 8 per cent.
* Cash reserve ratio retained at 4.75 per cent.
* GDP growth for 2012-13 projected at 7.3 per cent.
* March-end, 2012-13 inflation expected at 6.5 per cent.
* Bank rate cut by 0.50 pc to 9 per cent.
* Deposit growth pegged at 16 per cent, credit growth at 17 per cent.
* Upside risk to fiscal deficit target of 5.1 per cent.
* Govt borrowing may decrease credit flow to pvt sector.
* Liquidity conditions moving towards comfort zone.
* To issue final guidelines on Basel III by May 2012.
* Tightens norms for lending against gold by NBFCs.
* Next mid-quarterly monetary review on June 18.