Reserve Bank of India (RBI) projects inflation for 2018-19 at 4.8- 4.9% in first half and 4.7% in the second half of the year, projection for GDP is 7.5-7.6 in first half and 7.3-7.4 in the second half.
Raghuram Rajan noted that reforms are happening in India but more slowly than one would wish.
The fine was imposed after RBI scrutinised the bank's documents relating to opening of accounts without any specific or clear consent from the customers.
A statutory inspection of Axis Bank, with reference to its financial position as on March 31, 2016, revealed "violations of various regulations issued by RBI in the assessment of NPAs", or bad loans, the central bank said in a statement.
The continuing rise in food and fuel prices kept India's annual retail inflation rate over the five per cent mark in December 2017, and last month, at well above the RBI's median inflation target of 4 per cent.
Referring to the Punjab National Bank (PNB) fraud which came to light this week, the Sena said it is "clear that Nirav Modi and his family had fled" the country early last month.
In a statement issued RBI said, the system liquidity is currently in a surplus mode and is moving towards neutrality.
Calculated on the basis of Wholesale Price Index (WPI), the inflation was 3.58 per cent in December 2017 and 4.26 per cent in January 2017.
Banks are already bleeding due to the systemic clean-up of their books undertaken by RBI over the past three years and the newer accounting system may only aggravate the pains.
The report states that the new framework has the potential to bring about a big change in the approach of banks to monitor their exposures and resolution of non-performing assets (NPAs).
The Central bank also abolished half a dozen existing loan-restructuring mechanisms.
Financial Services Secretary Rajiv Kumar said the RBI's new rules are a "wake up call" for defaulters.
In a statement, the Central bank clarified that it puts into circulation the coins minted by government mints.
The central bank will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi (new) series, bearing signature of Urjit R Patel, Governor, RBI, it said in a release.
Credit to agriculture and allied activities increased by 8.4 per cent in the reporting month which is slower than the 10.3 per cent growth in the same month last year.
Creation, trading or usage of virtual currencies as a medium for payment are not authorised by any central bank or monetary authority, the RBI said.
In the previous monetary policy review held in October, RBI had projected inflation to be in range of 4.2-4.6 per cent for October-March (second half) period of this fiscal.
An RBI draft report had made a case for restructuring MDR on the basis of merchant turnover rather than the present slab-rate based on transaction value.
A majority of the economists have polled in favour of the Reserve Bank of India maintaining a status quo on repurchase rates for commercial banks.
At its previous bi-monthly policy review here in October, the RBI had maintained status quo on its repo, or short term lending rate for commercial banks, at six per cent, citing risks to inflation and uncertainties on the external and fiscal fronts.
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