Mumbai, July 28 - Reserve Bank of India Governor D. Subbarao will review and update the monetary policy for the current fiscal a little before noon Tuesday amid little expectation of any major change in key policy rates.

A day ahead of the review, the central bank had sharply raised its growth forecast for the country's economy to 6.5 percent from its earlier projection of 5.7 percent, but warned that inflation could also move into higher territory.

The bank also said food prices - that are already high, particularly in the case of fruits, vegetables and lentils - were likely to move northward given the feeble progress of monsoon and the hike in minimum support price paid to farmers for their crops.