What do they mean ??? (MSF, LAF, Repo, Reverse repo and policy rate)

We have been hearing a lot about MSF, LAF, Repo these days. if you keen to know what they are , here is a quick snapshot definition for these terms. 
( Courtesy :-Economic Times)

What is marginal standing facility?

Marginal standing facility is a window for banks to borrow from Reserve Bank of India in emergency situation when inter-bank liquidity dries up completely. Banks borrow from the central bank by pledging government securities at a rate higher than the repo rate under liquidity adjustment facility or LAF in short

What is liquidity adjustment facility?

Reserve Bank of India's liquidity adjustment facility of LAF helps banks to adjust their daily liquidity mismatches. LAF has two components -- repo (repurchase agreement) and reverse repo. When banks need liquidity to meet its daily requirement, they borrow from RBI through repo. The rate at which they borrow fund is called the repo rate. When banks are flush with fund, they park with RBI through the reverse repo mechanism at reverse repo rate.

What is the policy rate?

Repo rate is considered as the policy rate as repo is the widely used instrument between banks and RBI. Earlier bank rate was considered as the benchmark but it has lost its relevance as banks seldom take refinance from RBI at bank rate. Any change in repo rate signals RBI's interest rate stance.