Highlights:
1. Cuts interest rates by 0.5%, to 6.75%
2. Repo rate adjusted to 6.75%, at a 4 1/2 year low
3. CRR remains unchanged at 4%
4. GDP forecast for 2015-16 lowered to 7.4%
5. Tentative economic recovery underway, far from robust
6. Global environment looking weak, not good for India
7. CPI inflation likely to reach 5.8% in January 2016
8. Inflation likely to shoot from September
9. FPI investment in government bonds to be hiked to 5% by 2018
10. SBI first bank to cut base/lending rate by 0.3%, to 9.3%, other PSBs follow
11. Auto sector calls rate cut 'festive gift', says will help struggling sector will meet 15-20% of sales growth during festive season
12. Analysts believe Rajan's policy move will drive growth in urban rate-sensitive sectors
13. RBI to issue guidelines for calculating base rate for banks by November
14. Central bank to also promote aspect of cashless economy; to promote card usage in smaller towns
15. Lowered GDP forecast catches Govt's attention, Jaitley says will reassess GDP forecast for 2015-16
