Mumbai: Following are the highlights of Reserve Bank of India's annual monetary and credit policy for the year 2002-03:

* Growth rate in 2002-03 projected at six per cent to 6.5 per cent. Inflation to remain low.

* Monetary conditions and liquidity position to remain highly comfortable.

* Further cut in Cash Reserve Ratio by 50 basis points.

* Bank rate may be cut by upto 50 basis points depending on monetary developments, no timing fixed yet.

* Soft interest rate regime to continue and greater flexibility to interest rate structure in the medium-term.

* No change in interest rate on savings account.

* Interest rate on export credit in foreign currency lowered.

* Apex bank to provide adequate liquidity to meet credit growth and support investment demand.

* Abolition of minimum lending rate for co-operative banks.

* Banks to declare maximum and minimum lending rates.

* Measures to improve flow of credit to housing sector.

* Further measures to develop government securities market.

* Facilities to small scale industries (SSIs) liberalised.

* Further measures to improve credit delivery mechanism to priority sector.

* Access to call money market to be regulated.

* Banks should provide information on deposit rates on various maturities and effective annualised return to depositors.

* More prudential measures to bring financial stability.

* Submission of returns by NBFCs: RBI to penalise delays.

* Real Time Gross Settlement System to be ready for testing in a year's time.

* Measures to improve technology-EFT facilities to be expanded.

* Certificates of Deposits to be issued in demat form.

PTI