D. Tripati Rao and Ritesh Gupta

D. Tripati Rao and Ritesh Gupta

D. Tripati Rao is a Senior Professor of Economics and Business Environment Area at IIM Lucknow. Ritesh Gupta is a first-year graduate student at IIM Lucknow.

RBI’s Rate-Cut Problem Is Not the Cut — It Is the Plumbing

MPC Review

India’s rate cuts are failing to move bond yields because the liquidity plumbing is broken, forcing markets to follow overnight rates rather than RBI signals.

D. Tripati Rao and Ritesh Gupta

February 4, 2026 at 6:43 AM IST

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