The Reserve Bank of India will announce its mid-year monetary policy today. In a press release issued in Mumbai, the RBI has reiterated that its monetary policy will continue to remain focussed on taming inflation even if it results in moderation of growth.The RBI release stated that although in the past it has raised interest rates by 350 basis points since March 2010, inflation risk still persists.The release further stated that although the risk to growth is becoming visible, the challenge of bringing down inflation to an acceptable level on a sustainable basis, remains significant.The RBI stated that on account of various global and domestic factors, growth in 2011-2012 is likely to be less than that projected earlier. The RBI had projected the economic growth for the current fiscal at 8 per cent.