.......The Urjit Patel committee, which was set up by the RBI to review the monetary policy framework, had recommended that there was a need to move away from the overnight window to a spectrum of windows of different maturity. Following this, the central bank introduced the seven-day and 14-day term repo windows from which banks borrow at the market determined rate. Along with introducing the term repo windows, the central bank continued with the cap on repo borrowings via the overnight window........
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