.........``The intent is to provide sufficient liquidity to the markets, that means both short term liquidity consistent with maintaining the call money rate close to the policy rate,’’ RBI Governor Raghuram Rajan had said. But the reality seems to be different. The central bank’s efforts to funding the market with term repos, i.e., funds for a longer duration, have not helped. Because the RBI which believes that the banking system has to be deficient for its interest rate policy to be effective, is behind the curve. RBI which wanted banks to do better forecasting ...........
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