Statement by Dr. D. Subbarao, Governor, Reserve Bank of India on the Third Quarter Review of Monetary Policy for the Year 2010-11
As widely expected the Reserve Bank of India raised repo (rate at which it lends to banks) and reverse repo (rate at which it borrows) rates by 25 basis points each, taking repo to 6.75% and reverse repo to 5.75%. However, the CRR has been left unchanged at 6%.
The bank also raised March-end inflation forecast to 8% from 7% earlier, leaving GDP growth forecast unchanged at 8.6%. RBI, in its mid-term credit policy said that rising commodity prices was adding to GDP and inflation risk.
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