........It’s now fairly certain that the Reserve Bank of India (RBI) will go for a policy rate cut in May to prop up slowing economy, even though RBI governor had said in his last policy that the scope for monetary easing is limited. The question is: will D. Subbarao stick to his ‘baby step’ of a 25 bps rate cut or show boldness by combining it with a cut in banks’ cash reserve ratio (CRR)—the portion of deposits that commercial banks need to keep with RBI—by an identical margin?..........
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