The Reserve Bank of India today slashed its benchmark repo rate by 25 basis points, in line with market expectations. It also announced a number of steps to boost liquidity, with some analysts saying today's policy has heralded a major shift in terms of how the central bank approaches liquidity in the system. "This has been a long standing discussion point between bankers and RBI," said Ananth Narayan, Standard Chartered Bank. "This is a reversal of six years of policy where we have always operated from a liquidity deficit perspective." HSBC Chief India Economist Pranjul Bhandari said that the Reserve Bank's focus had now moved from rate cuts to transmission.
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