For the governor of the Reserve Bank of India, Duvvuri Subbarao, the name of the game is consistency, and he stuck to his guns in the second quarter review of monetary policy for 2012-13 by not cutting policy interest rates as many had hoped. Inflation is still too high and too sticky to warrant a cut. The RBI’s policy stance has been consistent since January this year: maintain an interest rate environment that contains inflation and anchor expectations, maintain a modest liquidity deficit for the banking system, and respond to downside risks to growth..........
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