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IDFC Research Report
The Reserve Bank of India’s Monetary Policy Committee kept all rates on hold as was widely expected.
The ‘time based’ guidance (accommodative into next financial year) was dropped while the ‘state based’ guidance was reaffirmed (accommodative stance till prospects for a sustained recovery are well secured).
Again this was the most likely anticipated outcome in terms of guidance given that the RBI/MPC may not have wanted to tie themselves into a time commitment in what is an exceedingly complex and uncertain global economic framework (more on this below).
Still as far as guidance go, the utility of a state based guidance from a market’s standpoint is limited at this juncture.
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