Highlights of RBI's monetary policy

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 per cent to unlock banking funds

* Estimates GDP growth at 5.5 per cent for current fiscal

* Targets 8 per cent CPI inflation by Jan 2015, 6 per cent by Jan 2016

* Lowers banks' SLR holdings in held-to-maturity category by 0.5 per cent to 24 per cent * Govt policies to improve domestic demand, supply conditions

* Higher oil prices, pass-through of administered price increases pose upside risks to inflation

* Monsoons still a concern, posing risks to inflation

* Govt action on food management and fast-tracking project completion to improve supply

* Banking sector reforms will continue

* Next bi-monthly policy statement on September 30.