"There are no unexpected events so far which require any revisit of our (credit and monetary policy) statement," RBI governor Y V Reddy said.
In the busy season policy statement on October 26, the RBI lowered the growth projection to 6-6.5 per cent as against earlier expectation of 6.5-7 per cent and raised inflation outlook to around 6.5 per cent from 5 per cent in the face of uncertainties due to surge in global crude prices.
Reddy said the increase in domestic petro prices was on the expected lines but there were some indications that global crude oil prices might moderate in the next couple of months.
"So, on balance, we feel that assessment made in monetary policy is still valid," he said, elaborating on inflation. As regards to credit requirements, "criticality of liquidity management in the current situation has been confirmed," he said.
He said under the liquidity adjustment facility, the RBI was injecting more of it rather than sucking it out for creating an enabling environment for growth.
Reddy, however, apprehends that there might be some transitional problem in switching over from easy liquidity to a more neutral liquidity situation.
There could also be "frictional" issues of individual players not being able to assess their liquidity, he added.
Regarding market borrowings, the banking regulator said there has been singificant growth in mop-up by the centre and the states.
"However, we will like to maintain a reasonable amount of stability in both money market and government securities market," Reddy said.
On the Market Stabilisation Scheme, intended to suck out the excess liquidity from the financial stream, he said the review of the MSS calendar was of utmost importance since it was one of the important instruments to manage liquidity.
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