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RBI's Policy Rate
A Cat on the Wall
Reviewing the policy responses of the Reserve Bank of India over the past few years, it is argued that in recent times the RBI has sent mixed signals to the market. On the one hand a reduction of the marginal standing facility rate made funds cheaper for banks, but on the other, two successive hikes in the repo rate suggest a tightening of monetary policy. If the RBI's current approach to the twin challenges of reining in inflation and stimulating growth continues, the market will remain on tenterhooks
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