RBI likely to revise inflation outlook as it extends rate pause: Economists

 

India's national bank will probably raise its expansion standpoint this week to reflect costlier oil, however leave acquiring costs consistent and tap other strategy apparatuses it's utilized before to help an economy confronting new dangers to recuperation.
All financial analysts reviewed by Bloomberg expect the Reserve Bank of India's six-part money related strategy board of trustees to hold the benchmark repurchase rate at 4% Friday, while only three out of 27 surveyed as of Wednesday see a climb in the opposite repurchase rate.

That will move the concentration to any changes in language in the strategy explanation, as financial backers search for indications of normalizing money related settings.

This is what to look for in Governor Shaktikanta Das' discourse after the MPC meeting at 10 a.m. in Mumbai on Friday:

The critical important point from Das will be on how the RBI intends to help the public authority's 14.31 trillion rupee ($189 billion) obligation program, while holding the sovereign's acquiring costs under wraps when quicker worldwide approach standardization is pushing yields higher.

Keeping a top on costs is urgent for Prime Minister Narendra Modi's administration as it tries to support spending on framework, making position and expanding usefulness in the economy.

Assumptions are for the RBI to restore open-market activities or resort to Operation Twists, wherein it purchases longer securities and sells more limited dated notes, to supply support the market in the midst of record obligation. The two measures were utilized by the bank during the stature of the pandemic, in spite of the fact that merchants aren't expecting a declared buy plan.

Top headlines: Feb inflation rises to 6.07%; Chandra named AI chairman

 

Retail inflation inched up to 6.07% in February mainly due to an uptick in food prices, remaining above the tolerance limit of the central bank for a second month in a row, showed the government data released on Monday. The Consumer Price Index (CPI) based retail inflation was 5.03% in February 2021 and 6.01% in January this year. According to the data released by the National Statistical Office (NSO), the rate of price rise in the food basket was 5.89% in February, up from 5.43% in the preceding month. The Reserve Bank of India mainly factors in the CPI-based inflation while arriving at its bi-monthly monetary policy.

Inflation printed at 6.07% in February, slightly higher than our estimates. This print, although does not reflect the increase in commodity prices due to Russia-Ukraine crisis. We expect inflation to rise further above 6% in March. For FY23, if oil prices average at $110 pbl in Q1 and moderate thereafter, inflation could still average at 5.7% in the year, taking into account the direct and indirect impact. That said, we do not expect the RBI to change its stance or policy rate at its April meeting," said Sakshi Gupta, senior economist, HDFC Bank. Asia's third-largest economy expanded 5.4% in the October-December quarter, slower than the 6% predicted by economists in a separate Reuters poll. Focusing on growth, not inflation, the Reserve Bank of India has held its interest rates steady at record lows for nearly two years but is due to increase borrowing costs next quarter. ndustrial production expanded by 1.3% in January on an annual basis, mainly on account of improved performance of mining and manufacturing sectors, official data showed on Friday. The Index of Industrial Production (IIP) had contracted by 0.6% in January 2021.

RBI bars YES Bank from coupon payment on Upper Tier II bonds

The Reserve Bank of India has controlled private area loan specialist YES Bank to pay premium (coupon) on the Tier II bonds as its capital sufficiency proportion was beneath administrative prerequisites.
The private loan specialist had moved toward banking part controller RBI looking for endorsement to pay enthusiasm due as on June 29, 2020 for Upper Tier II Bonds. These Unsecured Non-Convertible Upper Tier II bonds convey coupon of 10.25 percent.
Its general capital sufficiency proportion remained at 8.5 percent at end of March 2020 with Common Equity level I (CET I) of 6.3 percent. Its stock was exchanging 1.8 percent lower on BSE. The capital sufficiency proportion is beneath the administrative necessities.
The bank educated trades that RBI has communicated its failure to agree to bank's solicitation for installment of Interest due, since it doesn't meet the base capital necessities right now. Along these lines, the bank would be not able to pay Interest or coupon on the said Upper Tier II Bonds.
The Interest sum due and staying unpaid will be amassed and be paid later, subject to Bank agreeing to the specified administrative necessity, it included.
Bank has plans for raising value money to improve capital ampleness proportion, bolster development and make cushions for Covid-19. Its investors' have affirmed proposition for a total capital raise of up to Rs 15,000 crore.
This capital raising from business sectors would be additionally helped by wellsprings of natural capital (inside age). It intends to do as such by goals of Stressed resource goals and resource sell-down.

The conceded charge resource of Rs 6,118 crore deducted from total assets for processing CET 1, speaking to about 2.55 percent in CET 1 might accessible to the bank after some time, as indicated by Bank introduction.

Indian banks' asset quality pressure may last for at least 2 years: Fitch

Indian banks are taking a gander at critical resource quality difficulties for at any rate the following two years in spite of administrative measures, as indicated by Fitch Ratings.
Fitch gauges that the effect on impeded advance proportions could be anyplace between 200 to 600 premise focuses relying upon the seriousness of stress and banks' individual hazard exposures.
The most recent arrangement of measures declared by Reserve Bank of India (RBI) remembers an augmentation of the 90-day ban for acknowledgment of weakened advances to 180 days notwithstanding a few relaxations in bank loaning limits including permitting banks to support enthusiasm on working capital credits.
"These measures will put a substantial onus especially on open part saves money with (effectively debilitated accounting reports) to rescue the influenced areas because of their semi strategy job, taking into account that a significant part of the state's as of late declared improvement measures is as new credits," said Fitch in the report titled 'Significant Indian Banks Peer Review 2020.'
The across the country lockdown to contain the spread of coronavirus - which has been stretched out for the third time until May 31 - has negatively affected organizations, flexibly chains and individual wages. The effect for some smaller scale and SME parts is basic, and a significant recovery is improbable in any event, when the lockdown closes.
"We expect that both buyer request and assembling are probably going to stay lukewarm until the rising instances of coronavirus patients are managed, which are approaching 160,000 (dynamic cases 86,110) according to the most recent check. The pressure is happening across areas, yet SME and retail are probably going to rise as higher hazard because of both focused on mechanical action and rising joblessness," said the report.
Disabled advances acknowledgment will presently take longer and the more loosened up loaning standards for banks could mean rising monetary record dangers if banks submit under tension in spite of their increased hazard avoidance. State banks are more in danger because of their powerless income and restricted capital cushions.

The state banks additionally have an a lot higher level of their advance books under ban than private banks at around 33%, according to detailed information.

Rupee can depreciate another 4% despite RBI's liquidity support measures

The Reserve Bank of India (RBI) unleashed a slew of measures to help the economy tide over the current crisis. It has launched targeted long-term repo operations (TLTRO) 2.0 of Rs 50,000 crore. Banks would be required to deploy at least 50 per cent of funds availed under this facility in bonds of smaller non-bank finance companies (NBFCs) and micro-finance institutions (MFIs).
This move is intended to reduce the funds being channelised only to the top rung NBFCs and ensure more equitable distribution of liquidity. The move has had an immediate impact. Commercial Papers (CPs) and short maturity (two - three years) corporate bond yields are lower by 30-40 bais ppoints (bps) compared to Thursday.
Providing further relief to banks, the RBI has reduced the liquidity coverage ratio (LCR) that banks are required to comply with to 80 per cent from 100 per cent. With this, the banks can now divert those funds from high quality liquid assets too. Besides, it has increased the WMA limit for states to 60 per cent. This will reduce the supply of SDLs in the near term and help cool off yields. 10yr SDL yields are down almost 20 bps.
The RBI has, also, relaxed non-performing asset (NPA) classification norms for NBFCs. It has restricted banks from disbursing further dividends for FY20. It has announced funding lines for NABARD, SIDBI and NHB to the extent of Rs 25,000 crore, Rs 15,000 crore and Rs 10,000 crore, respectively at repo rates so that these institutions can also lend at more competitive rates, thereby ensuring transmission.

Another cut in reverse repo by 25 bps to 3.75 per cent is intended to disincentivise banks from parking funds with the RBI and to incentivise them to lend to the real economy instead. Combination of measures to boost liquidity, improve monetary transmission and relax repayment schedules is the need of the hour in which RBI has been proactive and repeatedly insisting that they would do whatever it takes. Of course, this provides much needed liquidity and positive message especially for NBFCs, and a much-elaborate stimulus package is awaited.

RBI rate cut, government stimulus done. What are the markets eyeing now?

After the relief package by the government for the poor and the marginalized sections of society and a series of liquidity enhancing measure by the Reserve Bank of India (RBI) announced over the past few weeks, the central bank slashed rates by a 75 basis points (bps) – the most aggressive cut in the last 10 years. That apart, the RBI put a moratorium on all equated monthly installments (EMIs) on loans to ease the borrower’s pain.
On their part, the Indian markets which expected the authorities to roll out measures to stem the fall and stabilise sentiment after the over 35 per cent fall from the peak levels seen earlier this year triggered by the sudden and rampant spread of coronavirus (Covid-19) pandemic across the globe, witnessed profit booking. The S&P BSE Sensex slipped 1,310 points from the day’s high to close marginally negative on Friday post the RBI’s measures.
With these expected stimulus measures out of the way, will the markets continue on their journey south? What are the cues they will keep a tab on?
Over the next few weeks, analysts expect the markets to remain volatile and now track developments related to Covid-19 across the globe and how fast & successfully the governments are able to combat the pandemic. Back home, the 21 day lockdown imposed by the government and the possibility of an extension in the same will sway investor sentiment, they say.
As regards policies, most expect this to be an ongoing process – at least till the time the economy is up and running. They, however, caution that the government could run out of dry powder soon in its fight against Covid-19 given the fiscal situation and the fact that the Indian economy was already slowing down ahead of this pandemic.
“We expect coordinated fiscal and monetary easing to continue. We believe the next tranche of fiscal measures will address cash-flow challenges faced by SMEs and other hard-hit industries. Amid weak growth, we believe the government may temporarily suspend the FRBM legislation and the central government’s fiscal deficit is likely to rise to around 5 per cent of GDP in FY21 versus 3.5 per cent budgeted,” wrote Sonal Varma, managing director and chief India economist at Nomura in a co-authored report with Aurodeep Nandi.
They now expect a further 75 bps cut in repo rate in the second and the third quarter of 2020 (Q2-Q3/2020). On unconventional policies, they see more aggressive open market operations, further liquidity injections via targeted longer-term refinancing operations (TLTROs), including expanding its scope to target banks loans.
Those at BofA Securities, too, share a similar view and expect the RBI to remain aggressive as regards its policies. They expect the central bank to cut rates by 25bp each in June and October and peg the inflation rate at 2.5 per cent in the second half of financial year 2020-21 (H2FY21).

“We now see its 2020 rate cuts totaling 125bp up from 100bp. This, in turn, will take the RBI reverse repo rate to 3.5 per cent, close to 2009's 3.25 per cent low. We have cut down our FY21 growth forecast to 4 per cent,” wrote Indranil Sen Gupta, India economist at BofA Securities, in a co-authored report with Aastha Gudwani.

10-year bond yields rise on RBI's special open market operations

Current Affairs
The Reserve Bank of India (RBI) on Monday purchased Rs 10,000 crore of 10-year securities from the auxiliary market, while undercutting Rs 8,501 crore of term securities, in the exceptional open market tasks (OMO), held for the second time this schedule year.
Curiously, rather than the 10-year security yields descending, it expanded around 5 premise focuses to close at 6.55 percent after the OMO. The possibility of such OMO is to cut down longer term yields, while pushing up transient yields. The ascent in yields is regardless of the cut-off for the 10-year coming at 6.4874 percent. The cut-off yields for the shorter development papers to between 5.39 percent and 5.51 percent for three papers. The RBI chose not to sell a specific paper, maybe due to bring down yields offered by the market.
"After the OMO, state government sell off schedule came, which demonstrated states would acquire some Rs 25,000 crore extra in the following three months. This scared the market," said the head of treasury of a bank.
A week ago, the RBI had purchased its full quantity of 10-year bonds, however sold just Rs 6,825 crore in total of momentary bonds developing in the following year. As indicated by a senior security seller, the yields rose after the OMO was done to mirror the essentials and to mirror the way that yields should have been higher when there is a reasonable dread of in any event Rs 50,000 crore of additional borrowings preceding the end of the money related.

"The OMO declarations cut down yields from 6.75 percent to 6.55 percent. You can't anticipate that the yields should go down much further thinking about that the RBI had stop in December," said the security seller....Read More

A bank's race against crisis has served a warning to Indian banking

International News
India’s fragile financial system is swinging between despair and hope. Two separate incidents — both featuring the lender YES Bank Ltd — recently underscored the drag of past underwriting follies as well as the lift from a digital reset. It will take time, but good things will come to Indian banking as a result of the present crisis.
Start with the sudden default by financier Altico Capital India Ltd. on a 199.7-million-rupee ($2.8-million) interest payment to Abu Dhabi-based Mashreqbank PSC. Clearwater Capital Partners-backed Altico, which borrows money from banks and mutual funds to make loans to property developers, called the situation a “liquidity crisis.” And that made YES Bank investors gloomy.
Based on January data, the midsize Indian bank had a 4.5-billion-rupee exposure to Altico, the third-highest after Mashreq and HDFC Bank Ltd.
While HDFC Bank, the country’s most valuable lender, has the capital — and current profit — to take the occasional credit hit, YES’s capital cushion is already frayed by dodgy loans to beleaguered shadow banks and troubled tycoons. Both these borrower groups have found it hard to refinance debt since the collapse last year of IL&FS Group, a large Indian infrastructure financier and operator. Altico’s unraveling shows that an end to credit woes is not yet in sight.

 At more than $200 billion, India’s world-beating pile of bad loans is bigger than Italy’s. State-run Indian banks are carrying the bulk of the burden, but at least they’re getting dollops of taxpayers’ money and being merged into fewer banking groups. A private-sector lender like YES doesn’t have a formal public backstop. If it can’t fend for itself, the central bank could step in and force an arranged match with a better-run bank. The terms won’t be favorable to Yes shareholders...Read More

Cyclical or structural? Decoding the nature of India's economic slowdown

Current Affairs

India’s real or inflation-adjusted gross domestic product (GDP) grew at 5 per cent in the June 2019 quarter of financial year 2019-20 (Q1FY20), the slowest growth in six years (25 quarters). In nominal terms, the growth stood at 7.99 per cent, lowest since December 2002.
With this, fears of the slowdown being a more structural one than a cyclical one have surfaced.
What is a cyclical slowdown?
A cyclical slowdown is a period of lean economic activity that occurs at regular intervals. Such slowdowns last over the short-to-medium term, and are based on the changes in the business cycle.
Generally, interim fiscal and monetary measures, temporary recapitalisation of credit markets, and need-based regulatory changes are required to revive the economy.
What is a structural slowdown?
A structural slowdown, on the other hand, is a more deep-rooted phenomenon that occurs due to a one-off shift from an existing paradigm. The changes, which last over a long-term, are driven by disruptive technologies, changing demographics, and/or change in consumer behaviour.
Dissecting India’s slowdown

 A slowdown in consumption demand, decline in manufacturing, inability of the Insolvency and Bankruptcy Code (IBC) to resolve cases in a time-bound manner, and rising global trade tension...Read More

RBI allows domestic banks to sell NPAs abroad as one-time settlement

International News

The Reserve Bank of India (RBI) on Tuesday allowed domestic banks to directly sell their bad loans in manufacturing and infrastructure sectors to investors abroad as part of one-time settlement (OTS) exercises. The move will allow overseas investors to take direct loan exposure to Indian corporates.
The defaulters, or stressed borrowers, can sell their assets in accordance with the OTS scheme, in order to raise external commercial borrowing (ECB) from abroad to repay domestic loans, the RBI said in a statement.
At the same time, Indian corporates can raise long-term loans for working capital, ‘general corporate purposes’ and repaying domestic rupee loans, the statement said.
Apart from easing the non-performing asset (NPA) pressure on domestic banks, the RBI’s move can allow companies to raise cheap, long-term loans easily now. Part or all of that can be used to retire domestic loans.
The RBI notification said corporate borrowers can avail of ECB “for repayment of rupee loans availed domestically for capital expenditure in manufacturing and infrastructure sector and classified as SMA-2 or NPA, under any one-time settlement arrangement with lenders”. SMA is special mention account, in which SMA-2 is the loan not serviced between 60 days and 90 days.
If the loan is not serviced on the 91st day, it becomes NPA.

 “Lender banks are also permitted to sell, through assignment, such loans to eligible ECB lenders, except foreign branches/overseas subsidiaries of Indian banks, provided, the resultant external commercial borrowing complies with all-in-cost, minimum average maturity period and other relevant norms of the ECB framework,” the notification said...Read More

RBI committee to peg excess capital at Rs 3 trillion, says BofAML

Economy News

A panel named by the Reserve Bank of India (RBI) to study its capital structure is likely to identify excess reserves of up to Rs 3 trillion, or 1.5 per cent of gross domestic product (GDP), according to Bank of America Merrill Lynch (BofAML).

The view from BofAML lends itself to a debate over the RBI’s reserves, with one school of thought believing that the monetary authority holds surplus capital that can be handed over to the government and the other saying the RBI has insufficient reserves.

BofAML’s note comes as the panel led by former governor RBI Bimal Jalan prepares to submit its report in the coming weeks. While finance ministry officials have supported transfer of surplus reserves to help the government meet budget goals, a central bank-backed thinktank found that the RBI’s capital buffer that’s below the global average capital to asset ratio.

“Our stress tests throw up a range of one trillion rupees plus only from contingency reserves," Indranil Sen Gupta, chief India economist at BofAML, said in the note.

According to him, the RBI maintains higher contingency reserves as a percentage of its total book compared to its peers in Brazil, Russia and South Africa and a lower cap will release more funds.
As such, if the cap is halved to 3.25 per cent from 6.25 per cent, currently, that will release Rs 1.3 trillion, Sen Gupta added.


 Along with revaluation gains, which range from Rs 3 billion to Rs 1.8 trillion, the RBI would be in a position to transfer the excess reserves to the government, which can be used to recapitalise the country’s struggling state-run banks, he said.

Achilles heel: High oil prices to complicate India's inflation, says report

Economy News
The surging price of oil is an Achilles heel for the Indian economy, complicating its inflation, current account, fiscal balance and currency outlook, a market report by Singapore's DBS banking group has said.

"The sharp rally in oil weighed on all asset classes; USD-INR jumped to 69.87 high before closing slightly lower, while equity markets ended in red," said the report by Economist Radhika Rao and FX Strategist Philip Wee of the DBS Group Research

For bond markets, the worry is two-pronged with the concern being that high oil prices might pose a fresh risk to the fiscal math, if subsides return, by extension requiring higher borrowing, said the duo.
Also, pipeline inflation risks due to high oil prices further raise the hurdle for rate-cuts.
The Reserve Bank of India's minutes from the April meeting had already left the market divided-- some see members as keeping the door open for rate cuts on worries over growth, whilst rest see the RBI cautious over inflationary risks, said Rao and Wee.

"These themes are likely to keep 10-Year INR bond yields (generic) above 7.45% this week, with break below to be shallow," said the duo in the report.

"2028 paper tested past 7.6% yesterday (Monday) and is likely to move in the higher 7.55-7.65% band this week.


 We had noted last week that short-tenor yields (1Y-2Y) have already bounced off lows; nonetheless sharper jump in 10Y yields saw the curve return to a widening bias," the report said.

From Lok Sabha Phase-2 voting to RIL Q4 numbers, top events today

Current Affairs
Before you start your day, take a look at the major events in the country that are likely to make headlines:
Lok Sabha Phase-2 voting
Union ministers Jitendra Singh, Jual Oram, Sadananda Gowda and Pon Radhakrishnan, former prime minister H D Deve Gowda and DMK's Dayanidhi Maran, A Raja and Kanimozhi are among the 1,600-odd contestants in the second phase of Lok Sabha polls to be held in 95 seats Thursday across 11 states and the union territory of Puducherry.

Thirty eight of the 39 Lok Sabha seats in Tamil Nadu will go to polls besides 18 assembly constituencies. Besides Tamil Nadu, polling will also be held in 14 seats in Karnataka, 10 in Maharashtra, eight in Uttar Pradesh, five each in Assam, Bihar and Odisha, three each in Chhattisgarh and West Bengal, two in Jammu and Kashmir and one seat each in Manipur and Puducherry. Elections will also be held in 35 assembly constituencies in Odisha.

RIL FY19Q4 numbers

Mukesh Ambani-led Reliance Industries will report its March quarter earnings today. is expected to report weak refining earnings though its retail and petrochemical businesses are expected to partially offset the weakness in its March quarter results.

RBL Bank and ICICI Lombard General Insurance Company will also announce their FY19Q4 results on Thursday.

RBI Minutes of the Meeting


 The Reserve Bank of India (RBI) will release minutes of the Monetary Policy Committee meeting held earlier this month which led to a policy rate cut.

India's cash crunch is weighing on financial health of companies

Company News

India's cash crunch is taking its toll on the health of companies and risks inflicting further financial damage, after the credit profile of local firms deteriorated at the fastest pace in six years.
There were two issuer rating downgrades for every upgrade in the first three months of 2019, the worst ratio for any first quarter since at least 2013, according to a Bloomberg News review of moves by three of the nation’s biggest credit raters: Care Ratings, ICRA and India Ratings & Research. Lower ratings force borrowers to pay more for money in debt markets.

The Reserve Bank of India on Thursday cut interest rates for a second time this year, citing economic headwinds. Policy makers have struggled to guide financing costs lower for companies. Creditors remain wary after the collapse last year of non-bank lender Infrastructure Leasing & Financial Services Ltd. added to bad loan problems. That's a challenge for Prime Minister Narendra Modi who is trying to get the economy back on steadier footing as national elections kick off this week.

In one sign that the problem has lingered, Care Ratings Ltd downgraded more companies than it upgraded for the first time in six years in the 12-month period through March 31. The worsening "can largely be attributed to the liquidity crunch and decline in operating profits," Care said in a report.
As the central bank tries to get more money flowing through the financial system, it has embarked on its most aggressive monetary policy easing in more than three years. On Thursday it said it will set up a task force to explore the development of the secondary market for corporate loans. The RBI also injected additional funds into the banking system last month to boost liquidity through a rare currency swap.


 "The cash crunch is a concern for regulators too, who are trying to step up liquidity," according to Rajesh Mokashi, managing director at Care Ratings.

Bank of Maharashtra to auction Videocon-backed unit's assets in Tamil Nadu

Companies News

State-owned Bank of Maharashtra has put on sale the assets of Unity Appliances Ltd, a unit backed by Videocon Industries, at SIPCOT industrial estate in Shivaganga, Tamil Nadu, for defaulting on payments.

The outstanding dues of the unit are over Rs 153 crore, plus interest, from January 5, 2018. Unity is involved in manufacturing of air conditioners and refrigerators.

Videocon and its promoter Venugopal Dhoot are guarantors to Unity Appliances, according to an auction notice placed by Pune-based Bank of Maharashtra.

The electronic auction for land and machinery is slated for March 30, 2019 with a reserve price of Rs 42.34 crore for land and Rs 72.82 crore for plant and machinery.

The Videocon group is among 40 large defaulters identified by the Reserve Bank of India (RBI) first for insolvency proceedings. The group's core businesses are consumer electronics and oil and gas exploration.

The lenders are auctioning the electronics business estimated to be worth $2 billion.


 The subsidiaries of Videocon Industries are into manufacturing, sale and distribution of consumer goods. Some of the units referred to NCLT include Value Industries, Trend Electronics, KAIL, Millennium Appliances India, Applicomp India, Sky Appliances, Techno Electronics, Century Appliances, PE Electronics, Next Retail, Evans Fraser & Co and Videocon International Electronics.

Political risks to rate cut, what India's women economists predict for 2019

Economy & Policy:

India’s economy, among the world’s fastest growing, faces risks from a global slowdown and political instability after a national election. That’s the view of the top women economists covering the nation.

Slower growth and benign inflation will boost chances of back-to-back interest rate cuts by the Reserve Bank of India in April, according to the three analysts, who are ranked among the most accurate female forecasters in Bloomberg surveys on growth and inflation. The rankings are based on two years of contributed surveys.

Political risks are also intensifying as tensions with Pakistan mount and Prime Minister Narendra Modi’s re-election bid gets more heated.

Here’s a look at what the economists expect for the rest of the year:

Sonal Varma

Chief India Economist, Nomura Holdings Inc.

Top woman forecaster for quarterly gross domestic product
Growth: Weaker global demand will affect everything from India’s exports to manufacturing, Varma said, while tight financial conditions will hurt domestic demand and political uncertainty will delay investment decisions. She forecast growth of 6.8 percent in the fiscal year starting April versus Reserve Bank of India’s 7.4 percent.


 Interest Rates: “The Reserve Bank reaffirmed its focus towards headline inflation and its willingness to support growth, which suggests the February policy cut was not a ‘one and done’,” Varma said. Based on her assessment of slower growth and inflation remaining below RBI’s projection, she expects another rate cut in April of 25 basis points...Read More