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