Subbarao takes the middle path

Reserve Bank of India (RBI) Governor D. Subbarao  seems to be a believer in majjhima patipada, or the middle path of Buddhist philosophy—moderation. So there was no rate cut in the mid-quarter policy of the central bank on Monday; instead there was a cut in banks’ cash reserve ratio (CRR), or the portion of deposits that commercial banks need to keep with the central bank............

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