.... Of course, the RBI has justified the CRR cut by saying it’s a measure to infuse liquidity. But here’s what Deputy Governor Subir Gokarn said in a speech in early December 2011, referring to cuts in CRR and SLR, ‘But, in thinking about these instruments, we must keep in mind that they straddle the divide between liquidity and monetary management, which, at the current juncture, we are intent on maintaining.’....
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