The debate that should begin is whether RBI’s current mandate should continue after 2021 or there is a case for a fresh look
There is a compelling case for another reduction of 25 basis points in policy interest rates when the Monetary Policy Committee (MPC) makes its next decision in the first week of August. Consumer prices have gone up at an average annual rate of 3% in the 12 months to June, a percentage point below the central point of the inflation target. The Reserve Bank of India (RBI) has not only cut interest rates by 75 basis points this year, but has also kept the money market in surplus liquidity mode to help policy transmission.
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