Key highlights of RBI monetary policy

Here are the main points of what Raghuram Rajan said in the RBI's third bi-monthly monetary policy today: 

• Key policy rate (repo) kept unchanged at 7.25%
   
• Cash reserve ratio (CRR) unchanged at 4%
   
• Economic recovery is still work in progress;
   
• After strong rainfall in June, July has been below par, but overall monsoon is near normal
  
  ALSO READ: RBI keeps key rates unchanged in third bi-monthly monetary policy
   
• Most worrisome is sustained hardening of inflation except food and fuel
   
• Signs that consumption demand, especially in urban areas, is picking up
   
• Weak global demand conditions restrained exports
  
  ALSO READ: Here's what Raghuram Rajan said about the Monetary Policy Committee 
   
• Banks have passed on an average 0.3% interest rate cut as against RBI's 0.75% rate cut since January
   
• New investment demand emanating from private sector and government remains subdued
   
• RBI retains growth target at 7.6% for 2015-16
   
• Capital infusion into PSBs will help loan growth and transmission
   
• Fourth bi-monthly monetary policy to be announced on September 29