India, Feb. 8 -- Even though the Reserve Bank of India today kept its repo rate steady at 5.15%, it announced several measures to boost credit growth, a move that spurred some analysts to describe today's action as 'Budget Part II'. This was RBI's first policy announcement after Finance Minister Nirmala Sitharaman presented Budget 2020 on Saturday. Stock markets welcomed RBI's announcement and Nifty Bank index today rose nearly 1% today.

"Despite no cut in the policy rate, measures announced in this meeting are welcome. In a way, easing has resumed after a pause last time," said Aditya Narain, head of research at Edelweiss Securities.

The RBI today removed a mandatory requirement for banks to set aside cash of 4% for every new loan extend...