How serious is the NBFC crisis?

The Reserve Bank of India’s monetary policy statement of June ticked all the right boxes. It delivered the predicted 25 basis point policy rate cut. It said the policy stance had moved from “neutral” to “accommodative”, which suggests that further rate cuts could be in the offing. It mentioned that the system had moved to surplus liquidity in June.  But nagging questions remain. One is whether liquidity is adequate to ensure complete transmission of the cumulative cut in policy rates of 75 basis points over the last three monetary policy statements. Out.....
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