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    <title>First Bi-monthly Monetary Policy Statement, 2014-15 By Dr. Raghuram G. Rajan, Governor</title>
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    <description>The Reserve Bank holds the policy repo rate at 8.0% and CRR at 4.0%, reduces overnight LAF access while increasing 7- and 14-day term repo accommodation to 0.75% of NDTL to improve policy transmission; reverse repo, MSF and Bank Rate remain unchanged. The Bank targets a disinflationary glide path to 8% CPI by January 2015 and 6% by January 2016, citing moderated global growth, sticky core inflation and domestic sectoral weaknesses. Concurrently, a five-pillar reform agenda advances banking structure, Basel III implementation timelines, liquidity and market development, foreign investment regimes and financial inclusion and resolution frameworks.</description>
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