India's central bank on Friday cut its benchmark repurchase rate for the fifth consecutive time this year as it continues a concerted push to reinvigorate a stuttering economy.
"In the event, the RBI's decision to deliver a more benign 25 basis point rate cut suggests it is trying to balance growth concerns against limited remaining monetary policy space and a diminishing efficacy of monetary policy in boosting growth ," Nomura Chief India Economist Sonal Varma said in a note Friday
Nomura analysts suggested that given the weaker-than-expected growth outlook, a "front-loaded" policy action would have been the correct approach, enabling banks to sharply lower their lending rates ahead of the festive season. "One possible reason for this constraint is the health of India's banking and financial sectors, which remains weak," said Shumita Deveshwar, director of India research at TS Lombard.
The problems with bank governance have led to a credit slowdown which has exacerbated the wider economic headwinds, Deveshwar said in a note Monday.
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