Highlights of RBI's bi-monthly 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 pc

 * SLR retained at 22 pc to unlock banking funds

 * Estimates GDP growth at 5.5 pc for current fiscal

 * High Q1 GDP may not be sustained in Q2 and Q3

 * Q4 growth outlook looks promising

 * Targets 8 pc CPI inflation by Jan 2015, 6 pc by Jan 2016

 * Reduces liquidity under export credit refinance from 32 to 15 per cent

 * Guidelines on small and payments banks by end-November

 * RBI to carry forward banking sector reforms

 * Next bi-monthly policy statement on December 2.