The external benchmark-based lending rate (EBLR) system of loan pricing, calibrated normalisation of surplus liquidity and robust credit growth strengthened the monetary policy transmission during the current rate tightening cycle, according to an article in the Reserve Bank of India’s (RBI’s) monthly bulletin.
Monetary policy in the country moved into a tightening mode in May 2022 amidst inflationary pressures emanating from the conflict in Ukraine, rise in international commodity prices, disruption of supply chains and volatility in global financial market.
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