Patel Defies Calls for Lower Rates Amid India's Cash Chaos (1).

RBI holds rates, a move predicted by just 8 of 44 economists "The decision by the Reserve Bank of India was a surprising one, but a prudent one", said Sonal Varma, chief India economist at Nomura Holdings Inc. "The focus needs to be more on the transmission of the rate cuts already delivered, rather than lowering the signaling rates much further". [Extracted from the article]