.........Why did the Reserve Bank of India (RBI) cut banks’ statutory liquidity ratio (SLR), or the percentage of deposits that banks are required to invest in government bonds? One explanation could be that RBI governor D. Subbarao is extremely serious about the central bank’s fight against the government’s fiscal profligacy. RBI has been repeatedly stressing the limitations of monetary policy and wants the government to get its act together to fight a persistently high inflation and ensure sustainable growth. Cutting down SLR is another salvo as it will .........
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