The Reserve Bank of India's new liquidity management experiment backed by deputy governor Urjit Patil panel's monetary framework has created more volatility in the money market than reducing it, making some believe that it is tightening of interest rates by stealth. Interbank rates for overnight money which are supposed to be closer to the policy rates, in this case the repo rate -the rate at which the central bank lends to banks -have been going widely off the mark in the past three months......
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