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    <title>Second Quarter Review of Monetary Policy 2012-13</title>
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    <description>The Reserve Bank adopts a calibrated monetary stance prioritising inflation containment while facilitating growth via liquidity support. It reduces the Cash Reserve Ratio to inject primary liquidity, retains the policy repo and standing facility spreads, and provides conditional guidance for possible further easing. The statement revises growth and inflation projections downward and upward respectively in light of global and domestic risks, identifies liquidity and credit flow constraints, and announces a suite of regulatory and supervisory measures-ranging from prudential provisioning and mandated information sharing to market infrastructure reforms and financial inclusion initiatives-to strengthen financial stability and improve credit delivery.</description>
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