India holds rates as growth expectation falls

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The Reserve Bank of India (RBI) today (July 31) published the First Quarter Review of Monetary Policy 2012–13, in which the decision to hold the policy repo rate at 8% was explained.

The governor of the central bank, Duvvuri Subbarao also announced that the cash reserve ratio for banks had been held at 4.75%. "Based on an assessment of the current macroeconomic situation, we have decided to keep the policy rate and the CRR unchanged," he told the media.

The governor said the three main

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