....Economic growth hit a nadir in the December quarter and the latest data do not show much progress since then. RBI data show that bank credit to industry went up a mere 0.8% in January, compared to the preceding month. Bank credit to the services sector declined by 1.1% in January. That indicates economic activity remains extremely sluggish. In short, the signs point to a rate cut next week. Unfortunately, the rate cut in January and reduction in the cash reserve ratio hasn’t been transmitted to borrowers and some banks have instead increased deposit rates.........
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