Highlights of RBI governor Raghuram Rajan's press conference, which is on now...

-- The RBI retains growth projection at 7.6%  for 2016-17 citing corporate profits and surge in consumption

--  Have to see how the monsoon plays out.

-- The RBI is working with the government on bank clean-ups.

-- The RBI may sell dollars in case of extreme volatility in forex market due to outflows related to FCNR deposits

--  Inflationary pressures a concern.

-- April inflation data is something we did not expect.

-- Stance of RBI's monetary policy remains accommodative.

On whether he would be given a second term.

-- It would be cruel of me to spoil the fun the press is having on my tenure. I am personally intrigued by the letters that are supposedly written by me. A decision is reached after discussions between the government and the incumbent. You will know when there is news."

This was Rajan's second bi-monthly monetary policy statement for the year 2016-17. The central bank's decision to maintain status quo could be seen as a wait-and-watch for the impact of delayed monsoon rains.