Restoring Monetary Balance: The Case for Calibrated Tightening

October policy action reflects a forward-looking response to widening inflation, unfinished cost pass-through and a narrowing real-rate cushion.

Sparsh Chhabra

October 16, 2026 at 7:22 AM IST

istock.com

MPC Preview

RBI Needs More Than a Rate Hike to Tighten Policy

A 25-basis-point hike needs calibrated liquidity absorption to work, with flexible tools taking priority and CRR only as a temporary last resort.

Kanika Pasricha*

October 6, 2026 at 3:57 AM IST

istock.com

MPC Preview

Gilts Look Beyond Expected RBI Hike to Liquidity Action, Policy Guidance

Nishat Anjum

October 1, 2026 at 12:47 PM IST

India’s Gilt Market Faces Pressure on Every Front, Curve Seen Bear-Flattening

Rate-hike bets, RBI bond sales, heavy government borrowing and hostile global cues are converging on India’s gilt market. The short end may take the hardest hit.

Nishat Anjum

September 15, 2026 at 11:46 AM IST

iStock.com

Dollar Lifeline, Future Bill: The RBI’s Funding Trade-off

The RBI’s overseas funding window could steady the rupee today, but its real test lies years ahead, when swaps unwind and redemption risks come due.

Sachchidanand Shukla

July 20, 2026 at 4:12 AM IST

istock.com

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

RBI Surplus Transfer Windfall to Support Liquidity, Fiscal Math in FY27: IDFC FIRST Bank

BasisPoint Insight

May 8, 2026 at 6:20 AM IST

RBI Is Now the Bond Market’s Buyer of First Resort

The ₹1 trillion of screen-based OMOs and ₹8.58 trillion of total net buying show the RBI is inside the bond market, not outside, even as yields remain unyielding.

Richard Fargose

March 18, 2026 at 6:06 AM IST

India’s Liquidity Surplus Masks a Structural Shortage?

India’s liquidity looks ample on paper, but thin reserve buffers and weak deposit elasticity reveal a deeper structural strain.

Kalyan Ram

February 18, 2026 at 12:32 PM IST

RBI Seen Managing Frictional Liquidity via VRR, VRRR: I-Sec PD

BasisPoint Insight

February 9, 2026 at 6:44 AM IST

MPC Review

Solving RBI’s Liquidity Conundrum

RBI’s record liquidity infusion in 2025-26 has failed to ease conditions as dollar sales, cash leakage and fiscal hoarding drain surplus.

Gaura Sen Gupta

February 5, 2026 at 6:09 AM IST

iStock.com

Budget 2026

Budget Arithmetic Leaves Bonds on Edge

India’s 2026–27 fiscal arithmetic offered little comfort to bond investors, with higher borrowing, sticky interest costs and no clear backstop for supply pressures.

Yield Scribe

February 1, 2026 at 2:02 PM IST

RBI

Cautious Optimism for Credit in 2026-27, but Rate Relief Remains Elusive: India Ratings

BasisPoint Insight

January 21, 2026 at 11:32 AM IST

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

Monetary Policy

RBI’s Quiet Hawkishness Behind a Compelled Rate Cut

A dovish rate cut on the surface masks a quiet hawkishness, as the RBI calibrates policy with a cautious eye on reflating a low-inflation economy.

R. Gurumurthy

December 5, 2025 at 11:37 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

Monetary Policy

Why OMOs Matter in This MPC

In a cycle where the headlines flatter to deceive, the liquidity stance, even more than the repo rate action, will do the heavy lifting.

Madhavi Arora

December 1, 2025 at 9:26 AM IST

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

State Borrowing Pressures Keep Long-End Yields on Edge

State governments’ borrowing programme needed a fix three months ago and is now proving difficult to stabilise.

Yield Scribe

November 12, 2025 at 2:54 AM IST

Open Mouths, Open Markets, and RBI’s Signalling Gap

The RBI’s June gamble of frontloaded easing and a sudden neutral stance has backfired, raising borrowing costs. Governor Malhotra now needs both words and deeds.

Basis View

August 27, 2025 at 6:45 AM IST

RBI

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

SBI Research Pushes For 50-BPS Jumbo Rate Cuts To Boost Transmission

The benign inflation outlook, coupled with a moderate growth forecast, has created what the bank describes as a “Goldilocks period” for rate cuts.

BasisPoint Insight

May 5, 2025 at 12:29 PM IST

Anurag Vijay/CC

Liquidity: Sterilisation, Caution, Or Doubling Down?

FX book chickens come home to roost in 2025-26, and the RBI’s liquidity injections may need to grow even larger to avoid a fresh policy transmission hiccup.

Vivek Kumar

May 1, 2025 at 3:49 AM IST

RBI Sharpens Liquidity Playbook With April OMOs to Anchor Yields, Transmission

Bond purchases continue even as liquidity turns surplus, reinforcing RBI's push for smooth rate transmission and economic support.

Richard Fargose

April 2, 2025 at 2:23 AM IST

RBI Swings To Action With OMO Buys As Rate Cut Getting Wasted

Markets shrugged off RBI’s first rate cut in five years — ₹1 trillion OMOs may get some bang for the buck, though not this month.

Kalyan Ram

March 6, 2025 at 4:11 AM IST

RBI Announces Another FX Swap, More OMOs

BasisPoint Insight

March 5, 2025 at 3:30 PM IST

Restoring Monetary Balance: The Case for Calibrated Tightening

MPC Preview

RBI Needs More Than a Rate Hike to Tighten Policy

MPC Preview

Gilts Look Beyond Expected RBI Hike to Liquidity Action, Policy Guidance

India’s Gilt Market Faces Pressure on Every Front, Curve Seen Bear-Flattening

Dollar Lifeline, Future Bill: The RBI’s Funding Trade-off

Monetary Policy

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

Monetary Policy

The RBI's June Dilemma: Credibility Without the Hike

RBI Surplus Transfer Windfall to Support Liquidity, Fiscal Math in FY27: IDFC FIRST Bank

RBI Is Now the Bond Market’s Buyer of First Resort

India’s Liquidity Surplus Masks a Structural Shortage?

RBI Seen Managing Frictional Liquidity via VRR, VRRR: I-Sec PD

MPC Review

Solving RBI’s Liquidity Conundrum

Budget 2026

Budget Arithmetic Leaves Bonds on Edge

Cautious Optimism for Credit in 2026-27, but Rate Relief Remains Elusive: India Ratings

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

Monetary Policy

MPC Signals Maturity as Policy Counters Shocks with Confidence

Monetary Policy

RBI’s Quiet Hawkishness Behind a Compelled Rate Cut

Monetary Policy

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

Monetary Policy

Why OMOs Matter in This MPC

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

State Borrowing Pressures Keep Long-End Yields on Edge

Open Mouths, Open Markets, and RBI’s Signalling Gap

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

SBI Research Pushes For 50-BPS Jumbo Rate Cuts To Boost Transmission

Liquidity: Sterilisation, Caution, Or Doubling Down?

RBI Sharpens Liquidity Playbook With April OMOs to Anchor Yields, Transmission

RBI Swings To Action With OMO Buys As Rate Cut Getting Wasted

RBI Announces Another FX Swap, More OMOs

Basis Shorts

The Bureau