They called it a rate cut, but it looked more like a Military Operation, a full-spectrum monetary assault complete with a surprise Cash Reserve Ratio detonation. In a move that will be dissected in central bank training modules for years, the Reserve Bank of India swarmed its June policy meeting with a 50-basis-point repo rate cut, a 100-basis-point CRR reduction, and a hasty retreat to a “neutral” stance. All in one go. All very calmly announced.After two cautious 25 -basis -point salvos in February and April, the RBI climbed the escalation ladder and unleashed its full firepower. This wasn’t just easing, it was a monetary offensive. Having fired its big bazooka, it then patted itself on the back for putting it away.
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