Contrary to market expectations, the Reserve Bank today kept policy rates unchanged in view of rising inflation and global economic uncertainty, pulling down stocks markets sharply. Besides, the central bank also kept cash reserve ratio (CRR) or the percentage of deposits that banks have to keep with RBI unchanged at 4.75 per cent. RBI, in its mid-quarterly review of the monetary policy said the future action would depend upon on external factors, domestic developments and inflationary risks. "Future actions will depend on a continuing assessment of external and domestic developments that contribute to lowering inflation risks," RBI said.

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