<h1>Monetary policy holds rates steady, reduces export credit refinance, and advances banking and market reforms to support stability and inclusion.</h1> The statement holds policy rates steady while reducing export credit refinance to 15% of eligible export credit and maintaining targeted overnight and term repos to manage liquidity. It notes slowing industrial activity, significant food price pressures from uneven monsoon distribution, decelerating non-food credit amid alternative financing and loan sales, contained current account pressures, and retains a 5.5% growth projection for 2014-15. Regulatory measures include finalising differentiated bank licensing, revised NBFC norms, LCR implementation with limited government securities as Level 1 HQLA, an Early Warning System, Central Fraud Registry, streamlined KYC, and reforms to develop government securities and market liquidity.