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    <title>Second Quarter Review of Monetary Policy 2012-13 Press Statement by Dr. D. Subbarao, Governor, Reserve Bank of India</title>
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    <description>Cutting the Cash Reserve Ratio by twenty five basis points while holding policy interest rates unchanged is intended to inject primary liquidity to pre empt tighter conditions and facilitate a turnaround in credit to productive sectors. The monetary policy stance prioritises (1) managing liquidity to ensure adequate credit flow, (2) reinforcing growth impact of government measures as inflation risks moderate, and (3) maintaining interest rate discipline to contain inflation and anchor expectations; further easing is conditional on the evolving growth inflation dynamic.</description>
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      <description>Cutting the Cash Reserve Ratio by twenty five basis points while holding policy interest rates unchanged is intended to inject primary liquidity to pre empt tighter conditions and facilitate a turnaround in credit to productive sectors. The monetary policy stance prioritises (1) managing liquidity to ensure adequate credit flow, (2) reinforcing growth impact of government measures as inflation risks moderate, and (3) maintaining interest rate discipline to contain inflation and anchor expectations; further easing is conditional on the evolving growth inflation dynamic.</description>
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