>Credit Policy (ANAGRAM)

ANNUAL CREDIT POLICY 2009-10

In the context of exceptionally challenging circumstances in the global economy, Reserve Bank of India on 21st April 2009 announced Annual Policy Statement for 200-10 of which the keypoints are as follows.

■ Repo rate cut by 25 bps at 4.75% with immediate effect

■ Reverse Repo rate cut by 25 bps at 3.25% with immediate effect

■ CRR remained unchanged at 5.0%

■ Extension of special refinance facility and 14-day repo facility till March 2010.

■ Extension in the RCB relaxation for all in cost limit to December.

■ Change in the Structure of pricing of Floating Rate Bonds (FRB)

■ Increase in total amount of FCCB Buyback from US$ 50 million to US$ 100 million

■ Rescheduled 12% CAR implementation for NBFCs to Mar 31 2010 and 15% to Mar 31 2011

■ Hike in the limit of loans to NRI against deposit to Rs 10 million from Rs 2 million

■ GDP groth for FY10 projected at 6.0%

■ WPI inflation for Fy10 projected at 4.0%

■ Deposit growth for Fy10 projected at 18%

■ Non food credit growth for FY10 projected at 20.0%

■ Money supply growth for FY10 projected at 17.0%

To see full report: CREDIT POLICY