RBI's focus has been on liquidity provision in the right areas

With inflation targeting being the rule, the relentless high levels of CPI inflation were to be the barrier to any further cut in interest rates

The outcome of the credit policy announced was certain and hence there is no surprise element. That said, the monetary policy committee (MPC) meeting has been waited for two reasons. First, there was a deferment in the date of the policy ostensibly because the three independent members were not appointed. Second, the new set of members are refreshing though all are from the academia and their stance would be of interest. The minutes, which would be released later, would throw light on the discussions, which in turn, will let the market judge the proclivities of the new experts.

With inflation targeting