The liquidity gush

The Reserve Bank of India (RBI) did well to advance the monetary policy committee (MPC) meeting and announce a range of measures to support the financial markets in the wake of the COVID-19 outbreak. The governor indicated that the central bank was prepared to do “whatever it takes” and would consider all instruments, conventional or non-conventional. The RBI was earlier criticised for not doing enough at a time when most central banks were pulling out all the stops to battle a crisis of unimaginable proportions. While the MPC reduced the policy repo rate by 75 basis points, it cut.....

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