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The Evolution Of Interest Rate Benchmarks In India

RBI’s recent moves present a unique turn in an evolving monetary policy framework that goes back decades, writes Amol Agrawal.

The old headquarters of the RBI, in Mumbai. (Photographer: Kainaz Amaria/Bloomberg)
The old headquarters of the RBI, in Mumbai. (Photographer: Kainaz Amaria/Bloomberg)
The Reserve Bank of India announced a slew of measures through the course of April 2020, responding to the shock delivered by the coronavirus to the Indian economy. Prominent among those moves was a reverse repo rate cut of 25 basis points on April 17, 2020. In recent months, RBI Governor Shaktikanta Das has first articulated and then deployed the wider toolkit available to the central bank. For the repo rate to be reviwed, the Monet...
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