......This buttresses our view that growth is unlikely to bottom out unless lending rates come off. It is for this reason we expect the RBI to continue to ease liquidity via open market operations (OMO) or a 25 basis point cash reserve ratio (CRR) cut on March 19. It should also cut policy rates by another 50 basis points by June. This, in turn, should pull down lending rates by an additional 75 basis points by March 2014, atop the 50-75 basis points cut this fiscal. ...........
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