No change Policy....RBI keeps the rates unchanged.

Reserve Bank of India (RBI) keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0
per cent of their net demand and time liabilities; and
 keep the policy repo rate under the liquidity adjustment facility (LAF)  unchanged at 7.25 per cent.
 Consequently, the reverse repo rate under the LAF will remain unchanged at  6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 8.25 per cent.

Nifty slips 33 points down trading at 5775, Sensex losses 80 points.

Points considered in Policy:
Global economic activity has slowed and risks remain elevated, most recently on account of uncertainty over policies of systemic central banks. On the domestic front, macroeconomic conditions remain weak, hamstrung by infrastructure bottlenecks, supply constraints, lacklustre domestic demand and subdued investment sentiment. Inflation has moderated as projected. However, upside pressures on the way forward from the pass-through of rupee depreciation, recent increases in administered prices and persisting imbalances, especially relating to food, pose risks of second-round effects.

Global growth has been patchy and uneven. Among advanced economies (AEs), during Q1 of 2013, growth in US and Japan improved while that in the euro area contracted. Growth in most emerging and developing economies (EDEs) has been relatively resilient, although in some large emerging economies, sluggish external demand and stalled domestic investment are dragging down economic  activity. Inflation has been easing in the AEs due to weak demand conditions.
EDEs, however, present a mixed picture: inflation remains elevated in the BRICS except China. Commodity prices, other than the price of crude, have generally softened in recent months.