................The Reserve Bank of India (RBI), on February 13, revised the Bank Rate by 350 basis points from 6.0-9.5 per cent, the highest one-time change in any policy rate ever. It is apparently an innocuous and technical correction, but in reality it could mean setting a new landmark for the course of monetary policy in the coming years. The announcement is on top of a series of measures rationalising the operating procedures of monetary policy, based on two path-breaking reports of the RBI Executive Director, Mr Deepak Mohanty, in the recent past. ........
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