Masterclass with Michael Patra

How the RBI Manages Liquidity, From the LAF Corridor to Sterilisation and Beyond

Michael Patra explains how the RBI manages liquidity, from sterilisation and CRR operations to forecasting and the LAF corridor’s role in transmission.

Michael Debabrata Patra

August 28, 2026 at 3:06 AM IST

India’s Bond Markets Must Let the Data Speak Louder Than RBI Guidance

Inflation, surplus liquidity, rupee weakness, and crude oil now point towards higher rates. Bond markets should trust the data, not RBI guidance.

Yield Scribe

August 21, 2026 at 2:51 AM IST

istock.com

Hawkish RBI MPC Minutes Prepare Market For Shallow Rate-Hike Cycle

Richard Fargose

August 20, 2026 at 11:29 AM IST

RBI Action Deserves Premium Over Communication, Says SBI Research

BasisPoint Insight

August 20, 2026 at 6:24 AM IST

MPC Minutes Break Dovish Policy Read as Members Flag Rate-Hike Risks

BasisPoint Insight

August 19, 2026 at 1:28 PM IST

The MPC May be More Worried About Growth Than it Admits

Strong real GDP masks weaker nominal income, jobs, business confidence, and private capex, helping to explain the MPC’s persistent dovishness.

BasisPoint Insight

August 18, 2026 at 6:27 AM IST

istock.com

Masterclass with Michael Patra

The Plumbing in the Monetary Policy Architecture

Michael Patra explains the plumbing of monetary policy, tracing how RBI liquidity management transmits the MPC’s repo rate through banks and money markets.

Michael Debabrata Patra

August 17, 2026 at 3:23 AM IST

iStock.com

Monetary Policy

With Exchange Rate Pressures Easing, RBI Missed a Chance to Rebuild Monetary Space

After intense depreciation pressure, RBI succeeded in stabilizing the rupee exchange rate by taking capital flow measures in its June policy. This opened the possibility for RBI prioritizing inflation targeting in today’s policy to create space for rate cuts to deal with future shocks but RBI missed the opportunity to do so and bulwark its credibility.

Mridul Saggar

August 5, 2026 at 3:43 PM IST

Monetary Policy

Review of the MPC Decision: The Fine Print on Outperformance

Behind the policy pause, easing inflation, stronger external buffers and broader investment point to a more resilient economy.

Ashima Goyal

August 5, 2026 at 2:27 PM IST

Screengrab

Monetary Policy

RBI Holds Repo Rate at 5.25%, Retains Neutral Stance, Seeks More Time

The Reserve Bank of India’s Monetary Policy Committee says headline inflation had moved above the 4% target, though the increase was marginally lower than projected.

BasisPoint Insight

August 5, 2026 at 4:49 AM IST

iStock.com

Masterclass with Michael Patra

Lessons From India’s Inflation Targeting Decade

After a decade tested by a pandemic and war, Michael Patra distils four lessons from India’s flexible inflation-targeting framework.

Michael Debabrata Patra

August 5, 2026 at 2:53 AM IST

Monetary Policy

RBI Should Close the Door on Easing with a Stance Change

The August policy need not deliver a hike. It should deliver recognition that India should not meet a harder monetary world with an easing bias left ajar.

BasisPoint Groupthink

August 3, 2026 at 3:59 AM IST

Policy Caution Likely As Inflation Risks Loom

Rising oil prices, patchy monsoon and shipping disruptions are narrowing India’s inflation cushion, making a cautious RBI policy stance increasingly likely.

Anubhuti Sahay

July 27, 2026 at 4:01 AM IST

RBI

The Unending Uncertainty

Inflation is up-trending, oil is volatile, and geopolitics keeps flaring up. And still, growth refuses to buckle. Here's why standing still may be RBI MPC's smartest move yet.

Aastha Gudwani

July 17, 2026 at 12:06 PM IST

Istock.com

Do Softer Crude and Low Core Inflation Weaken RBI MPC's Case for Rate Hikes?

The inflation-growth mix and the global interest-rate backdrop suggest a need for monetary policy normalisation, especially with crude prices remaining volatile.

Abhishek Upadhyay

July 17, 2026 at 10:35 AM IST

Why Monetary Policy Independence Is Vital for Sustainable Growth

Monetary policy independence strengthens policy coordination, keeps inflation anchored and supports sustainable growth without sacrificing external stability.

Deba Prasad Rath

Rewanth Raichooti

July 2, 2026 at 4:11 AM IST

Juvaida Khatun/Istock

The Central Banking Desk

Fed Hike Case Faces PCE Test

Daily insights on the decisions, signals and risks shaping central-bank policy across the world’s major economies.

BasisPoint Insight

June 25, 2026 at 3:22 AM IST

US Federal Reserve

Opinion

RBI is Forward-Looking About Growth, Not Inflation

Growth gets preventive care; inflation must first materialise, spread and bring witnesses. The June minutes preserve the case for rate cuts while making hikes clear a far higher bar.

Kalyan Ram

June 19, 2026 at 2:39 PM IST

linkedin.com/Poonam Gupta

RBI Cannot Afford to Look Through This Shock

The RBI's own forecasts suggest it cannot ignore energy and food shocks. Rising core inflation may require rates to move back towards 6%.

BasisPoint Groupthink

June 8, 2026 at 6:05 AM IST

iStock.com

Monetary Policy

Dollars Now, Rates Later

RBI's June policy separated tools and timing: BoP stress got an immediate response, while inflation must clear a higher threshold before rates move.

Kalyan Ram

June 5, 2026 at 2:23 PM IST

RBI Holds Rates, Keeps Neutral Stance as Inflation Risks Rise

The central bank raised its inflation forecast and lowered its GDP projection as policymakers assessed the impact of higher energy prices, supply-chain disruptions and monsoon-related risks.

BasisPoint Insight

June 5, 2026 at 5:30 AM IST

Istock.com

RBI Holds Rates, Keeps Neutral Stance as Inflation Risks Rise

The Monetary Policy Committee kept the repo rate unchanged at 5.25%, retaining its neutral policy stance.

BasisPoint Insight

June 5, 2026 at 4:44 AM IST

istock.com

Monetary Policy

Malhotra's “Whatever It Takes” Moment

Capital outflows, balance of payments pressures, and slowing deposit growth may require coordinated RBI-government action to attract dollars and funding.

Yield Scribe

June 4, 2026 at 4:45 PM IST

RBI

Monetary Policy

The MPC’s Most Overdue Cut

Friday’s MPC may leave the repo untouched, but markets want Malhotra to trim Goldilocks, resilience, robustness, nimbleness, and other overworked clichés.

BasisPoint Insight

June 4, 2026 at 4:15 PM IST

iStock.com

Monetary Policy

The Rupee Does Not Need a Speaking Role in Monetary Policy

The June review will be scrutinised for clues on how the MPC views rupee weakness, as an inflation risk or as a monetary policy consideration.

BasisPoint Groupthink

June 4, 2026 at 1:26 PM IST

Istock.com

Monetary Policy

Using Monetary Policy’s Degrees of Freedom

Calls for rate hikes to support the rupee overlook the flexibility built into India’s inflation-targeting framework and the RBI’s wider toolkit.

Ashima Goyal

June 3, 2026 at 3:12 AM IST

Monetary Policy

Risk-Reward Trade-Off Favours a Hawkish Hold by RBI MPC

RBI may hold rates, but rupee pressure, crude risks and Taylor-rule arithmetic argue for a more hawkish policy tone.

Abhishek Upadhyay

June 2, 2026 at 3:04 AM IST

Monetary Policy

RBI Should Hold and Use Nuanced Toolkit for a Supply-Shock World

RBI should hold rates and use communication, liquidity tools and FX operations to manage oil-led inflation and rupee volatility without adding pressure on growth and new credit risks.

Sachchidanand Shukla

June 1, 2026 at 10:39 AM IST

Monetary Policy

The RBI's June Dilemma: Credibility Without the Hike

The macro backdrop has deteriorated materially since April. But the case for a June rate hike is weaker than the market noise suggests.

Radhika Piplani

May 29, 2026 at 12:08 PM IST

India’s Stagflation Narrative Is Finally Catching Up With Reality

India’s inflation shock is deepening even before fuel, food and currency pressures fully transmit through the economy.

Dhananjay Sinha

May 16, 2026 at 4:04 AM IST

iStock.com

MPC Minutes

When Neat Policy Theory Meets a Messier Reality

The RBI’s April minutes show a textbook response to a supply shock, but the Iran conflict is testing the limits of clean policy rules.

BasisPoint Groupthink

April 22, 2026 at 3:04 PM IST

linkedin.com/Poonam Gupta

The Morning Edge

Ceasefire Extension Fails to Calm Markets Amid Prolonged Conflict Fears

Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.

Richard Fargose

April 22, 2026 at 1:45 AM IST

Monetary Policy

Uncertainty Begets Monetary Policy Uncertainty

As geopolitical shocks cloud the outlook, the RBI leans on caution, keeping policy steady for now, while keeping options open.

Mridul Saggar

April 9, 2026 at 11:55 AM IST

iStock.com

Monetary Policy

Not Out of the Woods Yet

If inflation becomes broad based, policy choices become harder. Credibility considerations emerge even if headline inflation remains below the upper tolerance limit

Dhiraj Nim

April 9, 2026 at 9:49 AM IST

linkedin.com/Poonam Gupta

Monetary Policy

RBI MPC Dials Down Market Anxiety; Retains Policy Flexibility

Even as war disruptions may have peaked, uncertainty on supply shocks and their second-round impact remains high, making any knee-jerk policy action potentially counterproductive.

Upasna Bhardwaj

April 9, 2026 at 8:49 AM IST

Monetary Policy

Rupee Pressure Rewrites RBI’s Policy Playbook

With dollar/rupee assumptions reset and oil elevated, the RBI’s policy focus is shifting from growth-inflation balance to FX stability.

Yield Scribe

April 9, 2026 at 2:49 AM IST

Anurag Vijay/CC

Monetary Policy

RBI’s Quiet Dovish Tilt Meets a Fragile Rupee Defence

RBI signals a growth priority amid oil-shock risks, even as it defends the rupee with calibrated intervention and selective curbs on speculation.

Abheek Barua

April 9, 2026 at 1:46 AM IST

Monetary Policy

RBI Stays on Hold, but Signals Flexibility in a Shifting Risk Landscape

A ceasefire eased the backdrop, but RBI’s message was clear: policy stays flexible, FX steps are temporary, and risks to growth and inflation remain live.

Aastha Gudwani

April 8, 2026 at 1:03 PM IST

Monetary Policy

War Breaks the Policy Cycle

The April MPC ends the disinflation-led easing phase, pushing the RBI into a supply-shock regime where inflation risks rise even as growth weakens.

BasisPoint Groupthink

April 8, 2026 at 9:02 AM IST

linkedin.com/Poonam Gupta

Monetary Policy

RBI Holds Repo Rate at 5.25% Amid Global Uncertainty: Key Policy Takeaways

BasisPoint Insight

April 8, 2026 at 5:56 AM IST

Juvaida Khatun/Istock

RBI Must Treat Communication as a Policy Instrument

When external shocks dominate markets, communication is not signalling. It is policy, shaping expectations, sequencing reactions and lowering intervention costs.

T. Bijoy Idicheriah

April 7, 2026 at 11:45 AM IST

Monetary Policy

Rupee Weakness Tests RBI, but Rate Action May Wait

External pressures are mounting, yet inflation dynamics and growth risks favour a wait-and-watch stance

Anubhuti Sahay

April 7, 2026 at 9:13 AM IST

Monetary Policy

RBI Likely to Pause; Guidance Key Amid External Shocks

BasisPoint Insight

April 6, 2026 at 9:43 AM IST

Monetary Policy

RBI May Look to Hold Its Nerve as It Buys Time on Policy Calls

Markets may test the RBI on rupee, but the MPC is likely to keep its focus narrowly on monetary policy

Kalyan Ram

April 6, 2026 at 9:16 AM IST

RBI Tweets

War, Woes and Worries: The MPC's Policy Perplexity

As the Middle East conflict roils oil markets and rattles capital flows, India's Monetary Policy Committee faces a near-impossible balancing act.

Rajendra Paramanik

Unninarayanan Kurup

April 4, 2026 at 10:34 AM IST

Pavel Muravev/iStock.com

MPC Review

MPC Opts for Patience as Data Revisions Loom, Trade Deals Lift Growth Outlook

BasisPoint Insight

February 20, 2026 at 1:26 PM IST

Juvaida Khatun/Istock

New CPI Base Year Improves Confidence for Bold Policy Initiatives

Revised weights, softer underlying inflation and corridor liquidity dynamics suggest room for calibrated action in April, subject to incoming data.

Barendra Kumar Bhoi

February 17, 2026 at 3:31 AM IST

iStock.com

MPC Review

RBI Signals the End of Easing as Markets Begin to Question Comfort

Policy stability risks being mistaken for financial stability. The easing cycle may have ended, but the adjustment it triggered is far from complete.

Dhananjay Sinha

February 6, 2026 at 10:53 AM IST

MPC Review

RBI and the Bond Market Are Living in Parallel Worlds

Bond yields now reflect supply pressures, not policy signals. Until that changes, the RBI and bond markets will continue to operate in parallel worlds.

Kalyan Ram

February 6, 2026 at 10:37 AM IST

iStock.com

MPC Review

RBI Holds Rates, Signals Comfort With Growth–Inflation Mix

The RBI held rates and its neutral stance, underscoring comfort with resilient growth and soft inflation while signalling patience ahead of data revisions and global uncertainty.

BasisPoint Insight

February 6, 2026 at 5:38 AM IST

The Morning Edge

Risk-Off Mood Grips Asia Amid US Tech Sell-Off and Iran Tensions

Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.

Richard Fargose

February 4, 2026 at 1:49 AM IST

iStock.com

The Morning Edge

Risk-On Bias Returns to Asia, but BoJ Hike Looms Large

Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.

Richard Fargose

December 19, 2025 at 1:40 AM IST

iStocks/tawatchaiprakobkit

MPC Moves Signal the Arrival of a Post-Cycle Policy Regime

Below-target disinflation, a structural liquidity pivot, and the RBI’s sharp separation of stance from liquidity signal a new level of complexity that requires a post-cycle reading.

Kalyan Ram

December 10, 2025 at 7:01 AM IST

Monetary Policy

MPC Signals Maturity as Policy Counters Shocks with Confidence

India’s MPC breaks from old precautionary playbooks, using countercyclical policy and clearer signalling to steady growth, inflation and financial stability.

Ashima Goyal

December 8, 2025 at 3:30 AM IST

RBI Tweets

MPC Review

RBI policy: Goldilocks, FX, and the Windscreen

A rare Goldilocks mix of strong growth and ultra-low inflation set the stage for a finely balanced policy call, even as a sliding rupee tested the RBI’s nerve.

Vivek Kumar

December 7, 2025 at 5:48 AM IST

iStock.com

Opinion

Malhotra Keeps Rate Cuts in Play, but Will He Move Again?

Governor Malhotra kept the easing cycle alive on Friday, yet his real objective may be to extract transmission rather than commit to another cut.

Kalyan Ram

December 5, 2025 at 11:06 AM IST

Poonam Gupta

MPC Review

Policy Reflects Growth Concerns

Repo cut and liquidity infusion signalled the RBI’s deeper worry that growth momentum is softening despite strong headline numbers.

Rupa Rege Nitsure

December 5, 2025 at 8:48 AM IST

Monetary Policy

Goodbye Inflation, See You in Next Cycle

The RBI’s rate cut reflects the end of an inflation cycle that began in 2022 and collapsed spectacularly in 2025.

BasisPoint Groupthink

December 5, 2025 at 8:00 AM IST

Monetary Policy

RBI Must Avoid June’s Missteps as Stance and Signals Take Centre Stage

The RBI’s December review must prioritise clear signalling and avoid June’s mistakes.

Richard Fargose

December 4, 2025 at 5:28 AM IST

RBI Tweets

India’s Growth Surge Outpaces its Productivity Gains

India’s strong GDP numbers contrast with uneven improvements in capital and labour productivity, suggesting potential growth has yet to see a durable rise.

Sakshi Gupta

December 3, 2025 at 3:27 AM IST

iStock.com

Monetary Policy

Malhotra’s Straight Ball and the Shot Market Played

Markets may have rushed to read a rate-cut signal in the RBI Governor’s recent interview, only for the GDP surprise to challenge their certainty.

Mint Owl

December 2, 2025 at 2:28 AM IST

iStock.com

Stranger Things: India’s High Real GDP Hides More Than it Tells

India’s strong real GDP prints mask weak nominal growth, low inflation and strained fiscal dynamics. With tariffs biting and demand fragile, headline numbers mislead, raising questions for markets, policymakers and the path to sustainable expansion.

Yield Scribe

December 1, 2025 at 3:05 AM IST

iStocks/AlexLMX

Strong GDP Print Knocks Back Market Hopes of RBI Rate Cut

BasisPoint Insight

November 28, 2025 at 11:24 AM IST

Monetary Policy

Inflation Targeting Needs Flexibility, Not Unanimity

When monetary consensus turns to groupthink, inflation targeting risks losing its flexibility—and its purpose.

Ashima Goyal

November 13, 2025 at 2:35 AM IST

RBI’s Auction Rebuff Calms Bonds, but Upside Risks to Yields Remain

India’s central bank’s surprise rejection of bids in a seven-year bond sale soothed markets briefly, yet underlying demand-supply tensions remain entrenched.

Yield Scribe

November 2, 2025 at 3:13 PM IST

Interview

Calm Hands Steer India Through Policy Storms

Dr. Michael Patra’s new book reveals the inner theatre of India’s central banking—from crisis firefighting to quiet reforms.

Kalyan Ram

October 27, 2025 at 4:56 AM IST

RBI Sitting on 100 bps of Policy Space

If inflation stays near 2.5% and growth around 6.7%, the Taylor rule implies nearly 100 basis points of policy space for the RBI to cut rates.

Barendra Kumar Bhoi

October 24, 2025 at 8:43 AM IST

Monetary Policy

MPC’s New Voice Speaks the Old Grammar of Caution

Indranil Bhattacharyya’s debut echoes the RBI’s old grammar of caution—clear in logic, yet padded with the rhetorical crutches it didn’t need.

BasisPoint Groupthink

October 17, 2025 at 1:19 PM IST

The Illusion of Balance: Why Centrism Can’t Lead India

India’s future won’t be shaped by the safety of the middle but by the strength of conviction. It needs moral clarity, not centrism, to guide its democracy.

Srinath Sridharan

October 15, 2025 at 7:45 AM IST

iStock.com

The Morning Edge

Fed Powell’s Cautious Tone, Trade Tensions Keep Risk Appetite in Check

Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.

Richard Fargose

October 15, 2025 at 1:33 AM IST

US Federal Reserve

Briefing

Fed Vs RBI: How They Differ in Monetary Policy, Rates, Inflation Targeting

Inside the Fed and RBI: Why Two Central Banks See Inflation and Growth Differently

Babuji K

October 11, 2025 at 4:44 AM IST

iStock.com

Opinion

Reading Sanjay Malhotra’s Silent Dialogue

India’s newest central banker reveals more than he says in his latest MPC press conference. Beneath his composure lies a technocrat negotiating with himself.

Kirti Tarang Pande

October 6, 2025 at 5:37 AM IST

Monetary Policy

Review of MPC Decision: What Does it Mean to be Forward-Looking?

Is it forward-looking to let policy be decided by base effects, rather than encouraging the anchoring of inflation expectations at the target?

Ashima Goyal

October 1, 2025 at 5:26 PM IST

Monetary Policy

RBI Reopens the Door to Accommodation

By keeping the repo unchanged yet signalling policy space, RBI corrects June’s misstep and restores credibility to its accommodative posture.

Kalyan Ram

October 1, 2025 at 8:31 AM IST

Screengrab

The Morning Edge

US Shutdown Uncertainty Fuels Safe-Haven Demand, Drive Dollar Weakness

Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.

Richard Fargose

October 1, 2025 at 1:32 AM IST

iStocks/Dmitry Vinogradov

Monetary Policy

RBI Should Stay on Hold in October to Preserve Stability

With inflation subdued and growth resilient but external shocks looming, the RBI’s wisest move in October is to pause and preserve stability.

N. Srinivasa Rao

September 30, 2025 at 4:01 AM IST

Anurag Vijay/CC

MPC Framework

There Should Always be Food on RBI’s Inflation Plate

As India debates whether food prices should be excluded from inflation targets, the RBI will find itself balancing political pressure with institutional credibility. The RBI must remember that inflation is not a percentage point; it is the price of a plate of food.

Srinath Sridharan

August 26, 2025 at 5:20 AM IST

iStock.com

Digest

Gilt Yields Climb on GST Overhaul Amid Fiscal Concerns; Biggest Weekly Rise in 3 Years

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them.

Richard Fargose

August 22, 2025 at 3:00 PM IST

Fed Enters RBI Debate as Singh Flags Global Linkages

BasisPoint Insight

August 21, 2025 at 2:44 AM IST

Via WikiCommons

RBI’s October Call Hinges on Transmission, Tariffs and a Swing Voter

August MPC minutes show caution but not closure. With Ranjan wavering, the RBI keeps cuts alive while waiting on data, tariffs, and transmission.

BasisPoint Groupthink

August 20, 2025 at 2:42 PM IST

Poonam Gupta

India’s Bond Market Faces Harsh Reality as Fiscal Pressures Mount

GST rationalisation gives growth a fiscal lifeline but deepens deficit fears, leaving India’s bond market trapped in a “higher for longer” yield cycle.

Yield Scribe

August 19, 2025 at 4:00 AM IST

iStock.com

When a Rate Cut Feels Like a Hike and the Yield Curve Loses its Public Good Role

A 50-bps June cut has turned into a de facto hike as yields climb, eroding monetary transmission and adding to India’s fiscal costs.

Yield Scribe

August 11, 2025 at 2:11 AM IST

iStock.com

Monetary Policy

RBI’s Inflation Vigil Misses Trade Storm Clouds

The central bank’s hawkish turn on core inflation ignores looming growth risks from Trump tariffs and slowing domestic demand.

BasisPoint Groupthink

August 6, 2025 at 7:39 AM IST

The Morning Edge

Trump Narrows Fed Chair Search, Eyes Kugler Replacement This Week

Here’s your quick read to start the day: a chatty, no-fuss look at overnight moves, the big story, what’s on the docket, and the tickers you need to watch.

Richard Fargose

August 6, 2025 at 1:39 AM IST

White House

Monetary Policy

Rate Cuts, Trade Shocks, and the Limits of Monetary Signalling

When monetary easing is not matched by credit traction, further rate cuts risk becoming ineffective. In a volatile global and domestic setting, the RBI must safeguard its credibility by acting only where it believes the real economy is ready to respond.

Srinath Sridharan

August 5, 2025 at 7:21 AM IST

Anurag Vijay/CC

Monetary Transmission Is Both Alive And Dead Like Schrödinger’s Cat

Liquidity is plentiful, rates are low, yet credit growth is muted. Monetary transmission in India remains a paradox that defies easy solutions.

Yield Scribe

July 7, 2025 at 5:13 AM IST

iStock.com

MPC Minutes Reveal Wobbly Logic Behind the Stance Shift

The June MPC minutes show a committee leaning hard into caution, but its reasoning for abandoning the accommodative stance reveals some puzzling dissonance.

BasisPoint Groupthink

June 21, 2025 at 4:23 AM IST

Poonam Gupta

Is India’s Current Monetary Policy Easing Cycle Over?

The MPC reverted to a neutral monetary policy stance in June, but a high real policy rate suggests that further easing is warranted to support growth amid subdued inflation and negative output gaps.

Barendra Kumar Bhoi

June 14, 2025 at 12:43 PM IST

Poonam Gupta

"Did He Just Say That?" — A Critical Look At Central Bank Communication

Communication is not PR, it is policy. When central banks speak credibly, they can move economies without moving interest rates.

R. Gurumurthy

June 12, 2025 at 6:20 AM IST

iStock.com

A Vote Apart, Why Monetary Policy Needs Dissent

Dissent in the RBI’s rate-setting committee is not defiance. It is foresight. As policy turns bold, a lone voice may be asking the right questions.

Sujit Kumar and Rajendra Paramanik*

June 9, 2025 at 12:33 PM IST

iStock.com

Monetary Policy

Operation Frontload: RBI Fires All Weapons, Then Calls For Peace

RBI unleashed a surprise rate-and-liquidity barrage, then changed stance to neutral. Was this pre-emption, or a response to unseen threats?

BasisPoint Groupthink

June 6, 2025 at 7:26 AM IST

PIB

Monetary Policy

RBI Surprises With 50 bps Rate Cut, But Signals Long Pause Ahead

The Monetary Policy Committee’s decision to shift its stance to neutral from accommodative signals that the door to further cuts remains open but the threshold to cut again has risen.

BasisPoint Insight

June 6, 2025 at 4:46 AM IST

RBI Likely To Cut Rates Again As Inflation Benign, Trade Uncertainty Lingers

Most polls suggest the RBI may cut rates by 25 basis points for a third consecutive time on June 6.

BasisPoint Insight

June 4, 2025 at 9:43 AM IST

RBI Tweets

Interview

MPC Needs Exchange Rate Lens In 2026 Overhaul, Says Ex-RBI Chief

Subbarao says ignoring the rupee in policy calculus is risky, and calls for a wider MPC mandate in the review of the framework in Part 2 of a four-part interview.

Kalyan Ram

June 4, 2025 at 3:23 AM IST

Monetary Policy Or Market Theatre? When Headlines Front-Run The RBI

Overconfident headlines and speculative forecasts risk distorting monetary policy deliberations and undermining institutional credibility.

Srinath Sridharan

June 2, 2025 at 8:20 AM IST

IStock.com

Monetary Policy In A Schrödinger’s Economy

RBI must tread carefully in a Schrödinger’s economy, where outcomes stay indeterminate until observed, demanding reactive policy moves.

Vivek Kumar

June 2, 2025 at 6:41 AM IST

RBI Need Not Rush To 5% As Liquidity Does The Heavy-Lifting

The RBI has uncoupled its stance from liquidity. That may make aggressive rate cuts less likely, even if monetary conditions stay easy.

BasisPoint Groupthink

May 19, 2025 at 5:56 AM IST

RBI Tweets

RBI’s ‘Stance’ Is Still Standing; But Should It Be Retired For Good?

The RBI clings to its ambiguous stance on monetary policy. In a world demanding clarity, is it still useful, or merely an obstacle to transparency?

Abheek Barua

May 8, 2025 at 1:32 AM IST

RBI’s Dovish Turn Comes With A Built-In Speed Bump

The April minutes cement the RBI’s pivot to growth, but Bhattacharya’s caveats point to a stop-start easing path—one markets are willing to live with.

BasisPoint Groupthink

April 23, 2025 at 2:16 PM IST

Growth Trumps Inflation in RBI’s April Minutes

With global shocks mounting, MPC minutes reveal deep concern over India’s growth path. Rate cut, dovish stance and liquidity flood now fully explained.

BasisPoint Insight

April 23, 2025 at 1:14 PM IST

RBI Can Undertake Unprecedented Interest Rate Easing – If It Wants To

With the convenient definitions of real rate and potential growth, the RBI can justify deeper rate cuts than anyone currently expects.

Basis Pundit

April 21, 2025 at 8:51 AM IST

Monetary Policy

RBI Steps Up Easing Cycle with Another 25 bps Rate Cut, Stance Accommodative

RBI's move reflects the MPC’s view that inflation risks have moderated and that there is a need to address domestic growth amid global uncertainties.

BasisPoint Insight

April 9, 2025 at 5:04 AM IST

RBI Tweets

Deputy Governor Gupta Likely To Miss MPC Meet Due to Delayed Appointment

BasisPoint Insight

April 8, 2025 at 2:01 PM IST

Govt Appoints Poonam Gupta As RBI Deputy Governor

Poonam Gupta has been appointed as RBI Deputy Governor for a three-year term. She will oversee the Monetary Policy Department, influencing key decisions on interest rates and inflation management.

BasisPoint Insight

April 2, 2025 at 10:33 AM IST

CPI Inflation Slips In Below RBI Target, Core Slips Out

February inflation fell below the RBI’s target. With growth in focus, another rate cut in April looks increasingly likely.

BasisPoint Insight

March 12, 2025 at 12:44 PM IST

Opinion

MPC Must Abandon Neutrality To Reignite Growth Before It’s Too Late

With weakening growth and easing inflation, the RBI must abandon caution to spur investments and the economy.

BasisPoint Groupthink

March 6, 2025 at 6:17 AM IST

RBI Tweets

The Bureau

Asia Stocks Mixed After US Tech Rebound; Markets Await Fed Signals

RBI faces a liquidity test as surplus swells; temporary tools may offer best response: IDFC FIRST Bank

POLL: India April-June GDP growth seen around 7.4%, SBI most bullish at 8%

India April-June GDP Growth Seen at 7.5%, Above RBI View: Barclays

US targets Economic Blockade of Iran as Military Campaign Reaches Stalemate

UPI & RuPay Payments May Soon Cost You: — Here’s What Could Change

The Foster Mother of Lodhi Garden