Mumbai, July 28 - The Reserve Bank of India (RBI) Tuesday unveiled the first update of its monetary policy for this fiscal here Tuesday with no major changes in key rates, in line with the predictions and expectations by analysts.

Despite a sharp upward revision in India's growth rate, concerns over inflation forced RBI Governor D. Subbarao to keep a status quo on key rates, which was evident from the statement made by him as part of Tuesday's review.

'It is worth reiterating that the Reserve Bank will maintain an accommodative monetary stance until there are definite and robust signs of recovery,' said Subbarao, adding a strict vigil will be kept on inflation.

The central bank has raised its inflation forecast for this fiscal to 5 percent, against 4 percent earlier.

In the policy unveiled by the central governor April 21, both the repo and the reverse repo rates were cut by 25 points each, even as statutory liquidity ratio and the cash reserve ratio were left unchanged.

The repo rate, currently at 4.75 percent, is the interest charged by the RBI on borrowings by the commercial banks.