Following the November 8th announcement to demonetize 500 and 1000 rupee notes, many had expected RBI to slash the monetary policy but the announcement shocked many.

• Repo rate and Reverse Repo rate remained unchanged at 6.25 percent & 5.75 percent respectively.  
• Cash reserve ratio or CRR unchanged at 4 percent
• Growth forecast was cut to 7.1 percent, from 7.6 percent for this fiscal
• Inflation target remained at 5 percent for March 2017
• All MPC members voted in favour of status quo in policy
• Demonetisation to result in short-run disruptions in cash-intensive sectors
• Crude price volatility, surge in financial market turbulence could put March end inflation target at risk
• Foreign exchange reserve rose to all-time high of USD 364 billion on 2 December.
• RBI injected Rs 1.1 lakh crore liquidity through OMO purchases this fiscal
• Next monetary policy to be announces on 8 February.