In line with market expectations, the Reserve Bank of India (RBI) today kept the repo rate unchanged at 8 per cent in its first bi-monthly monetary policy statement for the year 2014-15.The GDP growth for 2014-15 is expected at 5 to 6 per cent with downside risks. It has also kept the cash reserve ratio (CRR) unchanged at 4.0 per cent. The marginal standing facility (MSF) rate and the Bank Rate remain unchanged at 9.0 per cent. However, the Liquidity Adjustment Facility (LAF) borrowing has been cut to 0.25% of net demand and time liability (NDTL). Announcing the policy statement the RBI Governor Raghuram Rajan said in Mumbai today that no further tightening will be done if inflation continues along the glide path. He said that persistence of high core consumer price index (CPI) is posing challenge for action. RBI has asked banks not to charge penalty from depositors for failure to maintain minimum balance in inoperative accounts. RBI Governor said that there are risks to the central forecast of 8 per cent CPI inflation by January 2015 stemming from a less-than-normal monsoon due to possible el nino effects; uncertainty on the setting of minimum support prices for agricultural commodities and the setting of other administered prices, especially of fuel, fertiliser and electricity; the outlook for fiscal policy; geo-political developments and their impact on international commodity prices.