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    <title>First Bi-monthly Monetary Policy Statement, 2015-16 By Dr. Raghuram G. Rajan, Governor</title>
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    <description>The Reserve Bank maintains key policy rates and liquidity operations unchanged while continuing overnight and term repos to smooth liquidity; assesses a mixed global recovery and tentative domestic strengthening with evolving inflationary pressures; adopts an accommodative monetary stance conditioned on incoming data to support disinflation and growth while awaiting better transmission of policy cuts into bank lending rates; and announces regulatory and developmental measures including phased liquidity standards, revisions to long term bond treatment, base rate methodology encouragement, governance reforms, G sec market deepening, expanded rupee bond issuance, covered forex options for hedging, and revisions to priority sector and microfinance norms.</description>
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