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    <title>First Bi-monthly Monetary Policy Statement, 2016-17 By Dr. Raghuram G. Rajan, Governor</title>
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    <description>Monetary policy was eased by reducing the policy repo rate and narrowing the policy rate corridor through adjustments to standing facility rates, while operational measures include lowering the minimum daily CRR maintenance, smoothing durable liquidity via asset operations, moving toward neutral average liquidity, allowing substitution in market repos, and a modest reduction in statutory liquidity to create lending space; the stance remains accommodative and transmission will be supported by liquidity framework refinements and the MCLR regime.</description>
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