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Reserve Bank of India- Monetary and Credit Policies (1999-2014)

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Notwithstanding moderation in inflation, the RBI is likely to keep status quo on the policy rates this fiscal to check price rise expectations, says ICRA. "We expect the central bank to stick to a firm anti-inflationary stance over the remainder of the current fiscal to rein in inflation expectations and impart credibility to its targets," says Icra Ratings report. It however, expects the apex bank to begin a rate-easing cycle in the first quarter of the next fiscal, with repo rate cuts of up to 50 basis points. RBI Governor Raghuram Rajan will announce the fifth bi-monthly monetary policy on December 2, 2014.

Reserve Bank of India announces Fourth Bi-monthly Monetary Policy Statement for 2014-15 - September 30, 2014....Read Full Text

Reserve Bank of India announces Third Bi-Monthly Monetary Policy Statement, 2014-15 - 5th August 2014....Read Full Text

Reserve Bank of India announces Second Bi-monthly Monetary Policy Statement for the year 2014-15 on June 3, 2014....Read Full Text

First Bi-monthly Monetary Policy Statement, 2014-15 announced by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India - 1st April 2014 ...Read Full Text



The Reserve Bank of India announces the Third Quarter Review of Monetary Policy 2013-14 - 28th January 2014
**increases the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.75 per cent to 8.0 per cent; and
**keeps the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liability (NDTL). ...Read Full Text

The Reserve Bank of India announces the Second Quarter Review of Monetary Policy 2013-14 - 29th October 2013
#marginal standing facility (MSF) rate by 25 basis points from 9.0 per cent to 8.75 per cent
#increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.75 per cent
#liquidity provided through term repos of 7-day and 14-day tenor has been increased from 0.25 per cent of net demand and time liabilities (NDTL) of the banking system to 0.5 per cent
FOR FULL TEXT ...Click here

The Reserve Bank of India has released the Macroeconomic and Monetary Developments Second Quarter Review 2013-14 ...Read more

Full Text of Mid-Quarter Monetary Policy Review: September 2013 -Announced on the 20th Sept 2013 by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India....Full Text

#It has increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.25 per cent to 7.5 per cent with immediate effect.

RBI's Annual Monetary Policy Statement for the Year 2012-13 - Announced on 3rd May 2013 by Dr. D. Subbarao, Governor, Reserve Bank of India ...Full Text

#It has been decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect.
#The cash reserve ratio (CRR) of scheduled banks has been retained at 4.0 per cent of their net demand and time liabilities (NDTL).
Read full text

Macro economic and Monetary Developments : 2012-13 - ...Read More



RBI's Third Quarter Review of Monetary Policy Statement 2012-13 - Announced on 29th January 2013 by Dr. D. Subbarao, Governor, Reserve Bank of India ...Full Text

RBI feels that Balance of macroeconomic risks suggests monetary policy needs to be calibrated in addressing growth risks as inflation turns sticky. According to RBI Unconventional monetary policies reduce stress, but risks remain ahead ...Read More


Dr. D. Subbarao, RBI Governor announces Second Quarter Review of Monetary Policy Statement for the year 2012-13 :- ...Read Full Text

RBI reduces the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.5% to 4.25% ...Read More

The Reserve Bank of India has released the Macroeconomic and Monetary Developments Second Quarter Review 2012-13 ...Read more

RBI reduces cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.75 per cent to 4.50 per cent in the Mid-Quarter Monetary Policy Review: September 2012 ...Read Full Text

RBI retains key rates at the same level, however reduces Statutory Liquidity Ratio (SLR) from 24.0 per cent to 23.0 per cent of their NDTL with effect from the fortnight beginning August 11, 2012 ...Read more

Reserve Bank of India announces First Quarter Review of Monetary Policy Statement 2012-13 ...Read more

RBI releases 1st Quarter Review 2012-13 of Macroeconomic & Monetary Developments ...Read more

The Reserve Bank of India releases the next Mid-Quarter Review of Monetary Policy 2012-13 on June 18, 2012 ...Read Full Text

Dr. D. Subbarao, Governor, Reserve Bank of India (RBI) announces the Annual Monetary Policy Statement for 2012-13 ...Read Full Text

Mid-Quarter Monetary Policy Review: March 2012- RBI keeps key rates & reserve ratios unchanged ...Read Full Text

Reserve Bank of India (RBI) announces further reduction of cash reserve ratio (CRR) of scheduled banks by 75 basis points to 4.75% ...Read Full Text

Reserve Bank of India (RBI) announces Third Quarter Review of Monetary Policy Statement 2011-12 on 24th January 2012 ...Read Full Text

#RBI reduce the cash reserve ratio (CRR) of scheduled banks by 50 basis points from 6.0 per cent to 5.5 per cent ...Read more
#RBI releases Macroeconomic and Monetary Developments in the 3rd Quarter 2011-12 ...Read more


Reserve Bank of India (RBI) keeps rates on hold in its Mid-Quarter Review of Monetary Policy 2011-12 announced on December 16, 2011 ...Read full text
# Moderating growth momentum and higher downside risks to growth ...Read more
# RBI takes series of steps to stop rupee depreciation ...Read more


Dr. D. Subbarao, RBI Governor announces the Second Quarter Review of Monetary Policy for the year 2011-12 on the 25th October 2011 ...Read full text
# Policy repo rate increased by 25 basis points but Bank Rate & CRR kept unchanged at 6.0%. ...Read more
# RBI relaeses Macroeconomic and Monetary Developments -2nd Quarter 2011-12 ...Read more


RBI increases the policy repo rate by 25 basis points to 8.25% from 16th Sept ...Read full text
RBI expects rate hike to reinforce the impact of past policy actions to contain inflation ...Read more

Dr. D. Subbarao, RBI Governor announces the First Quarter Review of Monetary Policy for the year 2011-12 ...Read full text
# Bank Rate & CRR retained at 6.0%. Policy repo rate increased by 50 basis points ...Read more
# Policy stance to manage interest & liquidity to moderate inflation & maintain growth ...Read more
# RBI revises baseline projection for WPI inflation for March 2012 from 6% to 7% ...Read more
# Bank term deposit rates increases 165 bps in 2010-11 & 60 bps during April-July, 2011 ...Read more


RBI increase the repo rate under LAF by 25 basis points to 7.5 per cent in Mid-Quarter Monetary Policy Review: June 2011 ...Read more

RBI announces Annual Monetary Policy Statement for the Year 2011-12 Read more
Policy repo rates hiked 50 bps, Bank Rate & CRR retained at 6%, Savings Bank Interest increased to 4% Read more

Reserve Bank of India (RBI) Extends Liquidity Management Measures up to May 6, 2011 Read more

The Reserve Bank of India releases Mid-Quarter Monetary Policy Review: March 2011
RBI increases the repo & reverse repo rates by 25 basis points Read more
March 2011 WPI inflation estimated to be around 8 % Read more
RBI is likely to persist with the current anti-inflationary stance Read more

Mixed reactions from Indian Business Chambers & Credit Agencies on RBI 3rd Qtr Review of Monetary Policy 2010-11...Read more

Reserve Bank expects the domestic growth momentum to stabilise & Inflation to moderate from first quarter of 2011-12 ...Read more

Press Statement by Dr. D. Subbarao, Governor, RBI on the 3rd quarterly review- Highlights ...Read more

Repo & Reverse Repo rates hiked by 25bp but CRR & bank rate retained at 6% ...Read more

RBI's Third Quarter Review of Monetary Policy 2010-11- Full Text ...Read more

RBI's Macroeconomic and Monetary Developments: Third Quarter of 2010-11 ...Read more

RBI expects to bring down the liquidity deficit in the system & stabilise interest rates in overnight interbank market ...Read more

Reserve Bank of India (RBI) keeps rates on hold and marginally eases monetary policy in Mid-Quarter Review of Monetary Policy 2010-11 on December 16, 2010 ...Read more

Reserve Bank of India (RBI) further relaxes liquidity easing measures on 29th November 2010 ...Read more

Bank Rate & CRR retained at 6.0%.However, repo & reverse repo rate increased by 25 basis points ...Read more

Reserve Bank of India announces Second Quarter Review of the Monetary Policy for 2010-11 on November 2, 2010. FULL TEXT ...Read more

Macroeconomic and Monetary Developments – Second Quarter Review 2010-2011 was released by RBI on November 1, 2010 ...Read more

RBI increase 50 bps in reverse repo rate and 25 bps in repo rate in the Mid-Quarter Monetary Policy Review announced on September 16, 2010 ...Read more

High inflation is the dominant concern in the monetary policy stance, says RBI Governor...Read more

Reserve Bank will now undertake mid-quarter reviews after each quarterly review...Read more

RBI's policy stance continues to contain inflation & maintain rates consistent with price, output & financial stability...Read more

Bank Rate & CRR has been retained at 6.0%. Repo rate increased by 25 basis points to 5.75%. Reverse repo rate increased by 50 basis points to 4.50% with immediate effect...Read more

RBI announces First Quarter Review of the Monetary & Credit Policy for 2010-11...Read more

Reserve Bank of India has released the document Macroeconomic & Monetary Developments:First Quarter Review 2010-11...Read more

RBI feels that Inflation will be contained & recovery process sustained, despite hike ...Read more

We may take further action as warranted, says RBI Governor ...Read more

RBI hike repo, reverse repo & CRR by 0.25% in the annual credit & monetary policy 2010-11 on 20th April 2010 ...Read more

RBI releases Macroeconomic and Monetary Developments in 2009-10 ...Read more

RBI hikes repo and reverse repo rates on 19th March 2010 by 25 bps due to inflationary pressures....Click Here

Rationale behind repo rate hike of 19th March 2010....Click here

Bank lending rates in India are expected to go up after March 2010...Click here

RBI's Third Quarter Review of its Monetary Policy 2009-2010 on January 29, 2010
Full Text          Highlights

RBI raises GDP growth forecast for 2009-10 to 7.5% ....Click Here

RBI to maintain an interest rate environment consistent with price stability,financial stability & growth ....Click Here

RBI hikes Cash Reserve Ratio (CRR) by 0.75%,keeps Bank Rate, repo rate and reverse repo rate at same level ....Click Here

RBI releases “Macroeconomic and Monetary Developments-Third Quarter Review 2009-10 on January 28, 2010 ....Click Here

To Support recovery without compromising on price stability, says RBI Governor....Click Here

RBI to monitor inflation & take measures swiftly & effectively, when required....Click Here

Bank Rate, Repo Rate, Reverse Repo Rate, Cash Reserve Ratio kept unchanged. Statutory Liquidity Ratio restored to 25% ....Click Here

RBI announces Second Quarter Review of its Monetary Policy 2009-2010 on the October 27, 2009 ....Click Here

RBI release “Macroeconomic and Monetary Developments-Second Quarter Review 2009-10 on October 26, 2009 ....Click Here

RBI keeps Bank Rate, Cash Reserve Ratio (CRR), Repo rates, Reverse Repo Rate unchanged in First Quarter Review of Monetary Policy 2009-10 announced on July 28, 2009 ....Click here for full text

Status quo on policy rates could spur investment demand, says RBI Governor ....Click Here

RBI to maintain an accommodative monetary stance until definite signs of recovery ....Click Here

For Highlights of First Quarter Review ....Click Here

RBI release “Macroeconomic and Monetary Developments-1st Quarter Review 2009-10 ....Click Here

Mixed reactions from Banks, Economists, India Inc on RBI Annual Policy ....Click Here

RBI Annual Policy announced on on 21st April 2009 for 2009-10 cuts repo rates, CRR kept unchanged .... For Full Text click here
.... For Highlights click here

The Reserve Bank of India on 20th April 2009 released the document “Macroeconomic and Monetary Developments in 2008-09” to serve as a backdrop to the Annual Policy .... click here

Reserve Bank of India, completes 75 Years, celebrates the year 2009-10 as its Platinum Jubilee Year.... click here

RBI cut repo rates by 50bps to encourage banks to lower interest rates.... click here

Reserve Bank of India's Third Quarter Review of its Monetary Policy 2008-09 announced on January 27, 2009 .... For Full Text click here

The Reserve Bank on January 26, 2009 released the document “Macroeconomic and Monetary Developments Third Quarter Review 2008-09” to serve as a backdrop to the Third Quarter Review of Monetary Policy 2008-09.... click here

RBI again cuts repo rates & CRR to inject additional liquidity of Rs 20,000 crore.... click here

RBI announces further measures to stimulate growth.... click here

RBI slashes repo rates by 100 basis points to provide growth stimulus.... click here

RBI extends the time period for various liquidity enhancing measures.... click here

RBI unveils more measures to enhance Rupee & Forex Liquidity and Credit.... click here

RBI to provide Swap facility for providing Forex Liquidity to Indian Banks for their Overseas Branches/Subsidiaries.... click here

RBI Announces Further Measures for Monetary and Liquidity Management- Cuts repo rate, CRR, SLR.... click here

RBI's RBI Mid-Term Review of Annual Policy Statement for 2008-09 dated October 24, 2008 keep rates unchanged
.... Click for Full Text

The Macroeconomic and Monetary Developments Mid-Term Review 2008-09, October 23, 2008 projects economic growth at 7.7% .... Click Here

RBI cuts Repo Rate by 100 basis points to 8.0 per cent.... click here

RBI announces further measures for improving domestic and foreign currency liquidity- cut CRR by 100 bps, release Rs.25,000 crore part payment against loan waiver, increase interest on NRI deposits.... click here

Reserve Bank of India reduce the Cash Reserve Ratio (CRR) by 150 basis points to 7.50 per cent instead of the 50 basis points reduction announced on October 6, 2008. As a result of this reduction in the CRR, an amount of about Rs 60, 000 crore would be released into the system.... click here

Reserve Bank of India on 6th October 2008, reduces cash reserve ratio (CRR) by 50 basis points to 8.5 per cent to ease liquidity. .... click here

RBI's First Quarter Review of the Annual Statement on Monetary Policy 2008-09 dated July 29, 2008 increase Repo Rate by 50 basis points and Cash Reserve Ratio by 25 basis points.... Click for Full Text

The Macroeconomic and Monetary Developments for the first quarter of 2008-2009, July 28, 2008 .... Click Here

Reserve Bank of India on 24th June 2008, hikes the repo rate and cash reserve ratio (CRR) by 50 basis points.... click here

Reserve Bank of India on 11th June 2008, hikes the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points to 8.00%.... click here

Reserve Bank of India credit policy announced on 29th April 2008, keeps repo rates unchanged but CRR is hiked by 25 bps to 8.25% .... For Full Text click here

The Reserve Bank of India on 28th April 2008 released the document “Macroeconomic and Monetary Developments in 2007-08” to serve as a backdrop to the Annual Policy Statement for 2008-09 being announced on April 29, 2008.... click here

Reserve Bank of India hikes cash reserve ratio (CRR) by 50 bps to 8% in two stages .... click here

RBI announces the Third Quarter Review of its Annual Policy Statement for 2007-08 on January 29, 2008 .. Full Text of review of Credit Policy

The Reserve Bank of India on 28th January 2008 released the document “Macroeconomic and Monetary Developments: Third Quarter Review 2007-08” .. Click here

Click Here For CREDIT AND MONETORY POLICY STATEMENTS OF RBI (1999-2007)

Click Here For Policy Archives

NOTE: RBI announces the credit policy twice a year —- Generally in April and in October. While in April it announces new policy initiatives, the October pronouncement is a review of the April policy. RBI has now decided to have quarterly reviews of monetary policy. Accordingly, First Quarter Review of the Annual Statement on Monetary Policy was issued in July 2005.



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