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In a surprise move, the monetary policy committee (MPC)
held repo rates at 6.25%. The reverse repo rate was also maintained at
5.75%. In addition, RBI has also removed the 100% incremental cash
reserve ratio and downgraded the growth forecast for 2016-2017 to 7.1%
from 7.6%. Inflation is projected at 5% in 4Q of 2016-17 with risks still
tilted to the upside, albeit milder than what was seen in Oct..
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