Mumbai, Mar 15 (IANS): Highlights of the Reserve Bank of India (RBI) mid-quarter review of monetary policy announced Thursday:

- Key policy rates kept unchanged: repo rate remains steady at 8.5 percent and reverse repo rate at 7.5 percent.

- Cash reserve ratio (CRR) remains unchanged at 4.75 percent.

- Marginal standing facility rate and the bank rate also remains unchanged at 9.5 percent.

- RBI said rate cuts will depend on inflation.

- Upside risks to inflation have increased due to recent surge in crude oil prices, fiscal slippage and rupee depreciation.

- After remaining above 9 percent during April-November 2011, headline inflation moderated to 7.7 percent in December and further to 6.6 percent in January 2012, before rising to 6.95 percent in February.

- GDP growth decelerated to 6.1 percent in third quarter from 6.9 percent in the second quarter.

- Despite deceleration in growth, inflation risks remain, which will influence both the timing and magnitude of future rate actions, RBI said.