Last year, the Reserve Bank totally freed location of ATMs from prior authorization. In the October 2009 Policy Review, the RBI took a further big step by freeing branch opening in towns and villages with population below 50,000.
We judge that the economy still has material room to grow. And we remain mindful that significant uncertainty continues to weigh on the outlook. Given all of this, we judged that the current stance of monetary policy is still appropriate and maintained the target for the overnight rate at 1/2 per cent.