The Reserve Bank on Tuesday lowered the economic growth forecast to seven per cent, saying the global economic crisis has hit Indian shores, but kept key policy rates and ratio unchanged. The bank also lowered inflation estimates to three per cent by March end.

In its quarterly review of the annual monetary policy, the apex bank extended special refinance facilities to banks up to September 30 for providing liquidity support to meet the funding requirements of mutual funds, non-banking finance companies and housing finance companies by relaxing the maintenance of SLR up to 1.5 per cent.