Mumbai, July 28 - Following are the highlights of the first quarterly update of India's monetary policy for this fiscal, unveiled by Reserve Bank of India Governor D. Subbarao here Tuesday:

* Bank rate retained at 6 percent

* Repo rate unchanged at 4.75 percent

* Reverse repo rate unchanged at 3.25 percent

* Cash reserve ratio unchanged at 5 percent

* Statutory liquidity ratio unchanged at 24 percent

* Inflation forecast hiked to 5 percent from 4 percent

* Negative inflation only a statistical phenomenon

* Balance between liquidity and inflation main concern

* India's growth now forecast at 6 percent with upward bias

* More scope for cutting rates by commercial banks

* Money supply may grow 18 percent this fiscal

* Policy will ensure enough commercial credit