Selected Tag: SDF
Selected Tag: SDF

Masterclass with Michael Patra

Operational Realities in Monetary Policy Transmission

Monetary policy transmission begins instantly in money markets, but frictions across rates, bonds and bank credit weaken its speed and strength.

Michael Debabrata Patra

October 5, 2026 at 9:04 AM IST

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The Cost That Falls Either Way: How India Should Deploy Its Liquidity Surplus

India’s FCNR-driven liquidity surplus leaves the RBI deciding where sterilisation costs should fall, even as banks face growing incentives to move excess reserves into credit.

Anil Katia

October 1, 2026 at 9:16 AM IST

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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

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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

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A Proposal for Strengthening the RBI’s Market Operations

To keep the rupee stable in a volatile world, the RBI may need $1 trillion in reserves and smarter deployment of global dollar liquidity tools.

Michael Debabrata Patra

March 16, 2026 at 4:55 AM IST

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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

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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

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RBI Tweets

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

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What Role Should SDF Play In RBI’s Next Liquidity Framework?

As the RBI rethinks its operating framework, the SDF’s function—transitional fix or structural floor—demands sharper institutional clarity.

Kalyan Ram

April 24, 2025 at 3:20 PM IST

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The Bureau

Is the RBI Behind the Curve?
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In Search of the Lesser Florican
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Maneet Pal Singh