Interest rates and credit offtake

World Money

 In a move which surprised the market, the Reserve Bank of India (RBI) cut the repo rate by 0.5 per cent on the previous weekend. Since then, some banks have cut their deposit rates, but hardly any has pared its prime lending rate (PLR).

 As the departing RBI governor, Bimal Jalan, made clear in his valedictory interview in this paper (