Reserve Bank of India governor, Raghuram Rajan today kept policy rates unchanged. The repo rate, or the RBI's short-term lending rate, has been left unchanged at 7.5 per cent, and the Cash Reserve Ratio has been left steady at 4 per cent. The RBI governor said, in his first bi-monthly policy review for 2015-16, that transmission of policy rates to lending rates has not taken place so far, despite weak credit offtake and front-loading of two rate cuts. But Raghuram Rajan affirmed his commitment to an accommodative monetary stance, while adding that policy moves will be shaped by incoming data. He also said that transmission of rate cuts by banks will be his top priority. He said that the impact of the recent unseasonal rains will also be monitored closely. The RBI expressed optimism about meeting the 6 per cent retail inflation target for January next year. And its projected 7.8 per cent growth for the current fiscal.