RBI given the go-by

......Some banks have advocated that the RBI should have reduced CRR and SLR to increase the money supply. But while during the previous occasion CRR was also cut, the response from banks was negative. Under such circumstances, the open market tool of RBI has failed to bring in the desired result. The culprit is the “base rate” system, which is not effective, and the banks, including SBI and public sector banks, do not want effective implementation of the base rate system.......

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