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    <title>Third Bi-monthly Monetary Policy Statement, 2016-17 (By Dr. Raghuram G. Rajan, Governor)</title>
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    <description>The Reserve Bank maintains an accommodative monetary policy stance by keeping the policy repo rate and the cash reserve ratio unchanged, while continuing liquidity provision and progressively reducing the system&#039;s average ex ante liquidity deficit toward neutrality. Operational tools including variable repos, reverse repos and open market operations will be used actively, along with foreign exchange interventions and front-loaded liquidity provision, to manage market liquidity and imminent external redemption pressures without disruption.</description>
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