RBI keeps Repo rate unchanged at 7.25 per cent
At the central bank's third monetary policy review of this fiscal, Governor Raghuram Rajan declared that the cash reserve ratio (CRR) of scheduled banks will also remain unchanged at 4.0 per cent of net demand and time liability (NDTL).
Maintaining that the economic recovery is still work in progress, RBI in its policy statement said that there are signs that consumption demand, especially in urban areas, is picking up.
"Car sales for July were strong. Nominal bank credit growth is lower than previous years, but adjusted for lower inflation as well as for lower borrowing by oil marketing companies and increased borrowing from commercial paper markets, credit availability seems to be adequate for most sectors." added the official statement from RBI.
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