Policy in 2 minutes
RBI's annual statement for 2012-13
Monetary measures
- Repo rate cut by 50 bps to 8%
- MSF borrowing cap raised from 2% vs 1% of banks’ NDTL
- CRR kept unchanged
Growth projections
- FY13 GDP growth projected at 7.3%
- Non-food credit growth for FY13 projected at 17%
- Deposit growth projected at 16%
- Money supply growth projected at 15%
- March 2013 inflation projected at 6.5%
Regulatory measures
- Banks’ exposure to gold loan NBFCs reduced
- Banks barred from charging pre-payment penalty on floating-rate home loans
- Unique customer identification code across banks
- Basic savings account with minimum facilities without minimum balance requirement
- Banks asked to put mechanism for early detection of distress assets