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Following are the highlights of RBI's bi-monthly monetary policy statement:
* Short-term lending (Repo) rate unchanged at 8 per cent
* Cash reserve ratio (CRR) unchanged at 4 per cent
* SLR cut by 0.50 per cent to 22.5 per cent to unlock banking funds
* Expect economic growth for 2014-15 to be between 5-6 per cent
* Further policy tightening will not be warranted if inflation continues to decline
* Reiterates CPI inflation target of 8 per cent by January 2015, 6 per cent by 2016
* Decisive election results should help bring in gradual recovery of growth
* Farm sector outlook clouded by forecast of delay in monsoon
* Export credit refinance facility cut to 32 per cent from 50 per cent
* FPIs allowed in currency derivative market
* Indians as well as non-residents can carry up to Rs 25,000 while leaving country
* This facility not valid for citizens of Pakistan and Bangladesh
* Next bi-monthly policy statement on August 5
* Hikes eligibility limit for forex remittances to $1,25,000, from $75,000 at present.
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