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Mid-Term Review: RBI credit policy highlights
Tuesday, October 26 2004 14:16 Hrs (IST)
Mumbai:
Following are the highlights of the Reserve Bank's busy season Credit Policy:
GDP (Gross Domestic Product) growth pegged down to 6-6.5 per cent for 2004-05.
Inflation pegged upwards at around 6.5 per cent.
Money Supply (M3) growth to be 14 per cent in 2004-05.
Bank Rate unchanged at 6 per cent.
Repo Rate hiked by 0.25 per cent to 4.75 per cent.
Housing finance up to Rs 15 lakh under priority sector.
Ceiling on NRE (Non-Resident {External}Rupee (NRE) deposit rates hiked by 0.5 pc over LIBOR (London InterBank Offered Rate).
FCNR-B (Foreign Currency Non-Resident) deposit rates can be fixed monthly.
Minimum tenor of term deposits lowered to 7 days.
PSU (Public Sector Undertaking) banks asked to step up loans to small farmers.
Private banks asked to attain 20-25 pc growth in farm loans.
Loan limit for SSIs (Small Scale industries) doubled to Rs one crore.
RIDF (Rural Infrastructure Development Fund) fund of Rs 8,000 crore set up.
Minimum maturity of Commercial Papers lowered to 7 days.
Capital Indexed Bonds from next fiscal.
Market Stabilisation scheme ceiling at Rs 80,000 crore.
Time limit for export realisation for EOUs (Export Oriented Units) eased.
Forward contracts booking by exporters/importers eased.
New NPA (Non-Performing Assets) norms for Financial Institutions.
ARCs (Asset Reconstruction Companies) minimum capital up at 15 pc of assets or Rs 100 cr.
CBDT (Central Board of Direct Taxes) allowed to refund up to Rs 25,000 through ECS (Electronic Clearing Scheme).
PTI
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