Highlights of RBI's monetary policy

Following are the highlights of RBI's bi-monthly monetary policy statement:

* Short-term lending rate unchanged at 7.75 pc

* Cash Reserve Ratio unchanged at 4 pc

* Statutory Liquidity Ratio cut to 21.5 pc, effective February 7, to unlock banking funds

* Current Account Deficit at 1.3 pc of GDP for 2014-15

* Inflation target at 6 per cent by January 2016

* GDP growth estimates under old base for current fiscal at 5.5 pc; 6.5 pc for 2015-16

* Banks asked to lend to productive sector to spur investment, growth

* Limit of foreign exchange remittance doubled to $2,50,000 per person annually

* 72 application for Small Finance Banks, 41 for Payments Banks received

* Export credit refinance to be replaced with provision of system level liquidity, effective February 7

* Foreign portfolio investors allowed to re-invest in G-Secs after their investment limits are utilised

* Bi-monthly policy statement for 2015-16 on April 7.