The Reserve Bank of India (RBI) on Wednesday said that its annual monetary policy will be announced on May 3.

“D. Subbarao, Governor, Reserve Bank of India will announce the Monetary Policy Statement 2013-14 on May 3, 2013,” the RBI said in a statement.

The RBI last cut the indicative policy rate (repo) on March 19 in its mid-quarter review by 25 basis points from 7.75 per cent to 7.50 per cent.

In the last policy announcement, the RBI had said that inflationary pressures and the widening current account deficit (CAD) were continuing as a threat to the economy.

“Even as the policy stance emphasises addressing the growth risks (by cutting the rate by 25 basis points), the headroom for further monetary easing remains quite limited,” the RBI added.