Highlights of RBI's monetary policy statement

Following are the highlights of RBI's monetary policy statement: * Hikes benchmark lending rate by 35 basis points to 6.25 per cent * Cuts growth projection for this fiscal to 6.8 pc from 7 pc estimated in September * Inflation to come down below 6 pc in March quarter, to average 6.7 pc this fiscal * Economy resilient; India to remain fastest-growing major economy * Biggest risks to outlook from protracted geopolitical tensions are global slowdown and tightening of global financial conditions * Battle against inflation yet not over as risks remain, RBI to keep 'Arjuna's eye' (keen focus) on evolving inflation dynamics * Must deal with the current global hurricane with confidence and endurance * Rupee should be allowed to find its level and that is what we have been striving to ensure * Rupee movement remained least disruptive as compared to peers amid strengthening US dollar * Current account deficit imminently manageable; forex reserve comfortable at USD 551.2 bn * Liquidity in the banking system remains in surplus * Rabi sowing so far is 6.8 per cent higher than the normal sown area * Non-food credit rose to Rs 10.6 lakh crore during April-November from Rs 1.9 lakh crore a year ago * UPI to soon allow customers to block funds in his/her account for specific purposes.