The Reserve Bank of India governor D Subbarao
has explained the RBI's decision to not cut its
benchmark rate by saying that the decision was
a nuanced one. The complexities of the growth-
inflation balance pushed the RBI to consider a
CRR cut rather than a repo rate cut, he says.
The governor also adds that while there is
room for possible rate cuts in the fourth
quarter, room for policy action remains
limited.
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