India to remain fastest-growing major economy: RBI

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

• Hikes benchmark lending rate by 35 basis points to 6.25 per cent

• Cuts growth projection for this fiscal to 6.8 per cent from 7 per cent estimated in September

• Inflation to come down below 6 per cent in March quarter, to average 6.7 per cent this fiscal

• Economy resilient; India to remain fastest-growing major economy

• Biggest risks to outlook from protracted geopolitical tensions are global slowdown and tightening of global financial conditions

• Battle against inflation yet not over as risks remain, RBI to keep 'Arjuna's eye' (keen focus) on evolving inflation dynamics

• Must deal with the current global hurricane with confidence and endurance

• Rupee should be allowed to find its level and that is what we have been striving to ensure

• Rupee movement remained least disruptive as compared to peers amid strengthening US dollar

• Current account deficit imminently manageable; forex reserve comfortable at $551.2 bn

• Liquidity in the banking system remains in surplus

• Rabi sowing so far is 6.8 per cent higher than the normal sown area

• Non-food credit rose to Rs 10.6 lakh crore during April-November from Rs 1.9 lakh crore a year ago

• UPI to soon allow customers to block funds in his/her
  account for specific purposes.