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Following are the highlights of RBI’s annual monetary policy 2013-14:
*Key short-term lending rate (repo) cut by 0.25 per cent to 7.25 per cent.
*Cash Reserve Ratio kept unchanged at 4 per cent.
*RBI says assessment of growth-inflation dynamics limits scope for further easing of policy rate.
*FY’14 GDP growth pegged at 5.7 per cent, down from Government estimates.
*Inflation to remain range-bound around 5.5 per cent in FY’14.
*CAD is the biggest risk to the economy.
*RBI proposes doubling of limits on priority sector lending to MSMEs to Rs 5 crore.
*Banks asked to stop differential treatment to home-branch and non-home branch customers.
*RBI says probe into Cobrapost’s sting operation calls for a better regulatory compliance by banks.
*Banks not carrying out customer due diligence as required while marketing and distributing third-party products.
*RBI proposes restricting gold imports only to meet genuine needs of exporters of gold jewellery.
*Banks asked to set up mechanism to monitor and review implementation of Direct Benefit Transfer.
*Mid-quarter review of policy on June 17.
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