Mrunal's Win24 Pillar1A2: Monetary Policy- CRR, SLR, Repo etc.

Table of Contents

10 💰 Money Supply Related Theory/Concepts...................................................................................27

10.1 💰TOTAL demand of money: factors affecting.......................................................................27
13.11 🏦 🍀 DEPOSITs → Green Deposit.......................................................................................27
10.1.1 🏦🍀 DEPOSITs → Green Deposit - SBI wants lower CRR.................................................28
13.12 🏦 Deposits: Inoperative & unclaimed accounts....................................................................29
13.12.1 🐯: 🦋 UDGAM Portal: Unclaimed Bank Deposits (2023)................................................29
10.2 💰 Full Reserve Banking vs. Fractional Reserve Banking........................................................29
10.3 🖨️Money Supply & FRBM Act..................................................................................................31
10.3.1 💰🔪 Monetisation of deficit (घाटे का मुद्रीकरण)..........................................................................32
11 🐅 Monetary Policy Tools................................................................................................................ 32
11.1 😥 Net Interest Margin, Liquidity overhang & ₹2000 Withdrawal.........................................33
11.1.1 Liquidity overhang may occur in following scenarios...........................................................33
11.2 🔐 Incremental CRR after ₹2000 withdrawal...........................................................................33
11.2.1 Monetary Policy Corridor......................................................................................................34
11.3 ⚡️Current repo vs [neutral or terminal] repo rate..................................................................34
11.3.1 🐯📢📐 MonPolicy → Quant Tools → Variable Rate Reverse Repo (VRRR) ..................35
11.4 💦 System level liquidity........................................................................................................... 35
11.5 📢 Review of Bi-Monthly Monetary Policies............................................................................36
11.5.1 🚕🕹 Stance: Calibrated Tightening / Neutral / Accommodative........................................36
11.5.2 🐯🤧📢Monetary Policy: 2023 so far upto 2024-Feb............................................................37
11.6 Bankers' Loan Interest Rate......................................................................................................38
11.6.1 External Benchmark..................................................................................................................38
11.6.2🚗📈Interest Rate Reset of EMI based Floating Interest Loans............................................38
11.6.3 🔪📑 Key Fact Statement (KFS) for borrowers......................................................................39
11.6.4 🔪🗓️ Loan repayment: Bullet repayment vs EMI.................................................................39
11.6.5 🍬 🗓️ PSL Lollipop for UCB - Bullet repayment (2023).......................................................39
11.6.6 💦🕸️Liquidity Trap (तरलता जाल).............................................................................................39
13.13 What is already covered in Past: 1A2 (RBI Monetary Policy)?.............................................41
13.13.1 ✅Win20: already covered Following in 1A212...................................................................41
13.13.2 ✅Win21: already covered Following in 1A212...................................................................41

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 ✅Win22: already covered Following in 1A212...................................................................41
13.13.3
11.6.7 ✅Win23: already covered Following in 1A212.....................................................................41
11.7 🧑‍🏫📡MRUNAL’S ECONOMY COURSE FOR UPSC EXAM...................................................42
11.7.1 📚 Next Handout.......................................................................................................................42

10 💰 MONEY SUPPLY RELATED THEORY/CONCEPTS

10.1 💰TOTAL DEMAND OF MONEY: FACTORS AFFECTING

🙋🏼‍♀️FAQ: What does above chart mean? Ans. Explained in video.

• Total demand for money in an economy = transaction demand + speculative demand.
• 🙋🏼♀️FAQ: why have you not mentioned precautionary demand in above formula? Ans.
Because NCERT has not mentioned precautionary demand in the given formula.

13.11 🏦 🍀 DEPOSIT → G S REEN DEPOSIT

• 2023: RBI released guidelines.
• Type of fixed deposit. Its money is loaned to green / environment related.
• Who can collect such deposits? banks, deposit-taking NBFCs (e.g. Bajaj Finserv), Housing
Finance companies (e.g. Canfin Homes)

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 Investment allowed in Not allowed in
renewable energy, waste management, clean transportation, fossil fuels, nuclear power^^,
energy efficiency, and afforestation tobacco, etc business.
^^ 🚩👶🏻 FAQ by Zhande-walle Babushone: why RBI forbidden it in nuclear power? Even nuclear
power is clean energy!? Ans. RBI governor didn’t bother to justify in press release so, Plz email your
suggestions to governor@rbi.org.in if you have a lot of free time and not in any hurry to complete
syllabus in exam oriented manner.

 SBI launched Green FD with tenure with three tenures — (A) 1,111, (B) 1,777 and (C) 2,222
days.
 If such bank/NBFC unable to find green-borrower in immediately (for giving long term loans)
→ then bank/NBFC can invest such green deposit money into liquid instruments with
maximum maturity upto one year e.g. T-Bill, Commercial Papers etc. (Ref Pillar1C theory for
more.)
 If such bank/NBFC accepted green deposit but can’t find green-borrowers, then RBI will not
penalise bank/NBFC for it.
 These deposits are covered by Deposit Insurance and Credit Guarantee Corporation (DICGC).
So even if the bank fails/shuts down → depositor will get upto ₹5 lakh refunded by DICGC.
 Green deposits must be issued/accepted in rupee currency.
 it is not compulsory every Bank/NBFC to raise/accept green deposits. Unki marzi hai. (just like it
is not compulsory for every automobile company to launch a E-Vehicle.)

10.1.1 🏦🍀 DEPOSITs → Green Deposit - SBI wants lower CRR

• 2024-Feb: bankers need to keep 4.5% CRR on the deposit.
• SBI requested RBI to reduce the CRR on green deposits so that (A) loanable fund can
increase for green projects. (B) loan interest rates can reduce for green projects.
^^ 🚩👶🏻 FAQ by Zhande-walle Babushone: You added almost one page summary on Green
Deposits, and so now your handout will become even longer!? Do I have to remember this much?
 Ans. Yes. Bcoz (A) This Green Deposit topic also relevant for the environment. (B) UPSC
examiners new bad habit of asking microscopic facts of schemes.

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13.12 🏦D EPOSITS: INOPERATIVE & UNCLAIMED ACCOUNTS
Inoperative Account unclaimed deposits
(1) if savings/current account are not operated
If depositor not doing any transaction from his for 10 years
side for more than 2 years (2) if fixed/term deposits not claimed within 10
years from date of maturity.
Over ₹ 1 lakh cr stuck here Over ₹ 42,000 cr stuck here
Bank can’t charge penalty on such customer same as left cell.
if it is a savings account, then banker must
same as left cell.
continue paying interest on it.
 🙋🏼‍♀️
FAQ: I have XYZ Legal/technical/operational doubts in this. Ans. थोड़ा-पढ़ो-आगे-बढ़ो. I do
not know anything beyond what I have pasted above from the newspaper articles/RBI Pressnote.
And I will not waste my time becoming Sherlock Holmes.

13.12.1 🐯: 🦋 UDGAM Portal: Unclaimed Bank Deposits (2023)

- If deposits remain unclaimed for 10 years in a bank → banker need to transfer it to “Depositor
Education and Awareness FUND” (DEA) OF RBI.
- 2023: RBI setup UDGAM portal for it. (Unclaimed Deposits Gateway To Access inforMation)
- Beneficiary can easily search unclaimed deposits across multiple banks at one place. (e.g. by
searching the Aadhaar card / PAN Card number of the dead parent etc.)
- How it works in real life? NOTIMP4EXAM. You can satisfy your curiosity by
visiting https://udgam.rbi.org.in/unclaimed-deposits/#/login

10.2 💰F ULL RESERVE BANKING VS. FRACTIONAL RESERVE BANKING

> इन शब्दों का हिंदी अनुवाद नहीं करेंगे क्योंकि इस प्रकार की थियरी पूछने का मुख्य परीक्षा में कोई रिवाज नहीं है.

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 Full Reserve Banking Fractional Reserve Banking
can banker give money from NO. And consequently, YES, can give.
DEMAND Deposits as Banker may not pay
LOANS? (e.g. current account, interest to demand
saving account) depositors.
can banker give money from YES, can give YES, can give
TIME Deposits as LOANS?
(e.g. Fixed Deposits)
Bankers’ vulnerability to LESS. Because demand MORE. Because both time and
sudden/panic withdrawals by deposits not given as demand deposits are given as loans.
clients (known as ‘Bank Run’) loans. So if Vijay Mallya fled the country
→ it will create more problems!
Banker’s ability to help in Less. Because it can give More
Economic growth? less qty of loans.
- India uses Fractional Reserve Banking.
 sec. जब सरकार रिज़र्व बैंक से ज्यादा पैसा कर्जे मे ले तब रिज़र्व बैंक की परिसं पत्तियों में बढ़ोतरी होती है

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10.3 🖨️M ONEY SUPPLY & FRBM ACT

FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT 2003 (राजकोषीय उत्तरदायित्व और बजट
प्रबं धन कानून ) Notable provisions:
• Government has to control its fiscal deficit within X% of GDP. (Ref: Pillar#2D) (सरकार ने
अपने घाटे को GDP के कु छ प्रतिशत से ज़्यादा नहीं बढ़ने देना होगा.)
• Government CANNOT borrow from RBI. (In other words, RBI cannot buy
government’s loan instruments for itself from primary market) **Except in TWO
situations:**
• i) Short term Ways and Means Advances (WMA) (Ref: Pillar#1C)
• ii) During war, disaster, agri-crisis, big fall in GDP. (Ref: Pillar#2D)
• RBI can buy/sell government’s loan instruments from secondary market (i.e. from other
investors in OMO/ Open market operations.) (रिज़र्व बैंक आमतौर पे प्राथमिक बाज़ार से सरकार के लोन
कर्ज़ उपकरण नहीं ख़रीद सकती है, किं तु द्वितीयक बाज़ार ले रिज़र्व बैंक उसकी ख़रीद बिक्री कर सकती है. )

🙋🏼‍♀️FAQ: didn't understand this. Ans. Complete Pillar1C AND pillar2D ke PCB## lectures.

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10.3.1 💰🔪 Monetisation of deficit (घाटे का मुद्रीकरण)

 It means RBI printing more currency notes to give as loans to Government. (जब सरकार को उधार देने
के लिए रिजर्व बैंक नया पैसा छापती है)
 However, this process is difficult/ not easy due to FRBM Act conditions learned above. (हालाँकि
FRBM क़ानून के चलते ये इतना आसान नहीं है अब.)

11 🐅M ONETARY POLICY TOOLS

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11.1 😥 NET INTEREST MARGIN, LIQUIDITY OVERHANG & ₹2000 WITHDRAWAL

 Net interest margin (NIM) is difference between Loan interest MINUS Deposit Interest Rate. An
NIM of 3–4% is considered healthy/good for bank’s profitability and growth.
 Liquidity overhang refers to a situation in monetary policy where money supply is >> (higher)
than demand for money (loans). [जब मुद्रा आपूर्ति ज़्यादा और मुद्रा/लोन की माँग कम हो]
 Result? Loan interest rates become cheaper. This could have negative consequences if there is a
problem of high inflation. (Because cheap loans → more shopping → more demand → inflation
problem worsens) (लोन सस्ते हो जाएँगे, और वे महंगाई की समस्या को जटिल बनायेंगे।)

11.1.1 Liquidity overhang may occur in following scenarios

 During Very Dovish (Easy) monetary policy e.g USA’s Quantitative Easing (QE) - Refer to the
Win23 handout.
 During Noteban (Demonetisation) or withdrawal of currency. e.g. ₹2000 in 2023. [Solution: i-
CRR. Refer to Next Section]

11.2 🔐 INCREMENTAL CRR AFTER ₹2000 WITHDRAWAL

 After withdrawal of ₹2000 notes → 87% of such notes coming as bank deposits. (Meaning public
didn’t exchange 87% 2000 notes with other notes like ₹2000 ₹500x4 notes. Public simply
deposited in to their bank accounts.)
 But as we learned in previous section, this can cause problem of ‘Liquidity overhang’
 So, RBI came up with Incremental Cash Reserve Ratio (I-CRR: वृद्धिशील नकद आरक्षित अनुपात)
Normal CRR i-CRR (10%)
Rate 4.5% of NDTL Whatever extra/ additional deposits came during []May
19, 2023 and July 28, 2023]…keep… 10% extra CRR
from it, During 12th-Aug to 7th-Oct on those deposits.
(Exact dates / Exact formula not imp.)

2000 के नोट चलन हटाने के बाद बैंको में जो अतिरिक्त राशि जमा हुई उसमें

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 कु छ अतिरिक्त CRR एक अस्थायी समय तक रखना होगा ऐसा नियम.
Objective?  Protection  To suck / absorb excess liquidity after
against withdrawal of ₹2000 .
bank run.  To avoid LIQUIDITY overhang problem.
 Controllin
g money
supply
Will RBI pay No. No. रिज़र्व बैंक बैंकरों को कोई ब्याज नहीं देगा इस पर.
interest to
bankers on this?
 i-CRR locked ₹1 trillion worth money.
 i-CRR was a temporary measure from 12th-Aug to 7th-Oct 2023. Then i-CRR will be
withdrawn/removed.
Earlier, RBI had issued a temporary i-CRR in 2016–17 after demonetisation of ₹500 & ₹1000
 🙋🏼‍♀️FAQ: does i-CRR only count ₹2000 note deposit or does it also count ₹100-500 type
deposits? Ans. RBI press release didn't clarify. And I didn’t waste time doing self-PHD.

11.2.1 MONETARY POLICY CORRIDOR

 Policy Corridor also known as Liquidity Adjustment Facility (LAF) corridor. (नीति गलियारा / तरलता
सुविधा गलियारा)
 BEFORE 2022-April: Policy Corridor = total width between: MSF <—> REPO <—> Reverse
Repo. (इन तीनों उपकरणों के बीच की कु ल चौड़ाई)
 After 2022-April: Policy Corridor = MSF (Repo+0.25%) <—> REPO <—> SDF (Repo-0.25%)
 Thus total width is 0.25+0.25= 0.50%

11.3 ⚡️️C URRENT REPO VS [NEUTRAL OR TERMINAL] REPO RATE

Term Meaning
⚡️️Current repo whatever is the present Repo rate e.g. 6.50% on 5/Sept/2023
rate वर्तमान रेपो दर

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 Neutral or  % repo rate at which inflation is under control, and full employment
Terminal repo achieved. RBI Will not increase the repo rate beyond this point ELSE
rate it’ll damage consumer demand & GDP growth.
 This is a theoretical concepts, RBI has not officially declared any
तटस्थ रेपो दर
number / target for it. (यदि इस नंबर से ज्यादा रेपो दर को बढ़ाया तो फिर पब्लिक लोन
कम लेगी और अर्थतंत्र को कठिनाई होगी बेरोजगारी बढ़ जाएगी.)
NAIRU Non-Accelerating Inflation Rate of Unemployment. This term is related with
Unemployment. It is not loan interest rate. (We’ll study it in: Pillar#4C:
Unemployment) (यह बेरोजगारी दर है. ब्याज दर नहीं. खिचड़ी मत करो)

11.3.1 🐯📢📐 MonPolicy → Quant Tools → Variable Rate Reverse Repo (VRRR)
(Normal / Fixed)
Type variable rate reverse repo (VRRR)
Reverse Repo
Fixed by RBI. e.g. 3.35% Varies/changes depending on the
Interest Rate?
(2023) auction bids made by clients.
When RBI wants to
Objective? same as left cell.
reduce money supply
Can RBI reject accepting deposits Yes. Depends on RBI
same as left cell.
from clients in this window? discretion/mood
• VRRR is a special method thru which RBI conducts reverse repo rate deals with clients, via
auction. so exact % is not fixed. because % depends on the auction. (नीलामी से तय होता है रिवर्स रिपो
दर। असल में कै से होगा उसमे हम समय बर्बाद नहीं करेंगे)
• How exactly it works? = Technical details not imp.
• RBI conducted VRRR operations during 2023. So term came was in news.

11.4 💦S YSTEM LEVEL LIQUIDITY

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System level liquidity = [(Reverse repos +SDF) – (Repo + MSF)]
 Positive number represents system surplus liquidity.
 Negative number represents system deficit liquidity.
 2023: there has been a deficit of ₹0.42–1.61 lakh crore. [because RBI is reducing the money
supply to combat the inflation.]
🙋🏼‍♀️
FAQ: How/Why? Ans. Read the chart carefully. Watch the lecture peacefully.

11.5 📢R EVIEW OF BI-MONTHLY MONETARY POLICIES

As of 22th Feb 2024, Repo is still unchanged @6.50%. So I’ve not updated above graph.

11.5.1 🚕🕹 Stance: Calibrated Tightening / Neutral / Accommodative

After every meeting, RBI MPC will announce its stance i.e. What they’ll do with Repo Rate in the
next Meeting. (भविष्य की मीटिंग में रेपो दर के साथ क्या किया जाएगा, इसका इशारा/ सं के त दिया जाता है)
Stance= what RBI will do Will they Will they Will they hold/keep
in next meeting hike/increase cut/decrease repo unchanged?
⏫repo? ⏬Repo?
Calibrated Tightening ✅ Possible ✋No they’ll not cut ✅ Possible
Neutral ✅ Possible ✅ Possible ✅ Possible
Accommodative ✋No they’ll not hike ✅ Possible ✅ Possible
1. This provides guidance to the investors/borrowers/bankers about future action of RBI.
2. However, RBI MPC is not legally bound to follow the stance. E.g. Dec-2018 Governor Urjit-Patel
led MPC announced Calibrated Tightening, yet in next meeting Feb-2019 Governor Shaktikanta
⏬
led MPC decreased repo rate, because they felt it was necessary to combat deflation. (कानून रूप से
बाध्य नहीं. कभी कभी समिति इसका उल्लंघन भी कर देती है)
3. 2022-May-June: Even though MPC said Accommodative Stance, still they kept increasing the
Repo Rate to fight inflation.

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11.5.2🐯🤧📢Monetary Policy: 2023 so far upto 2024-Feb
Month Repo Addl. Comments if any
2022-Dec 6.25% Repo increased from 5.90 to 6.25 to combat inflation.
2023-Feb 6.50% Repo increased to combat inflation. Consequently,
 SDF = Repo minus 0.25% = 6.25%
 MSF = Repo PLUS 0.25% = 6.75%
 Reverse Repo Unchanged at 3.35%
2023-Apr 6.50% No change in rates.
2023-June 6.50% No change
2023-Oct 6.50% No change
2023-Dec 6.50% • No change.
• Henceforth MSF and SDF windows will remain open even on
weekends and holidays.
• 🙋🏼‍♀️
FAQ: does it mean other windows like Repo etc donot
remain open on weekend/holidays? Ans. Notimp/apply
common sense/RBI did not mention. So I did not waste time to
become Sherlock Holmes to investigate it.
2024-Feb 6.50% No change.

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11.6 BANKERS' LOAN INTEREST RATE
11.6.1 External Benchmark

11.6.2 🚗📈Interest Rate Reset of EMI based Floating Interest Loans

- Between 2020 to 2023, the repo rate increased from 4% to 6.50% - consequently the EMI burden
increased for the external benchmark rate based loans.
So, RBI wants bankers to give option to borrower after every change in such floating interest loans:
 A) Ability to RESET i.e. switch from floating (external) rate to fixed rate loans.
 B) Foreclosure of loan. Meaning, full repayment of your remaining loan amount in one single
payment instead of paying multiple EMIs. Benefit? LESS burden of compound interest (byaaj-
pe-byaaj) in monthly instalments.
🙋🏼‍♀️FAQ: Will this not be misused by the borrower IF he RESETS his fixed/floating loan every
time it becomes unfavourable to him after change in REPO?
Ans. There will be ceiling/limits on how many times ‘reset’ can be done throughout the loan period.
RBI yet to issue guidelines. Further, real-life Phd not important.

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11.6.3 🔪📑 Key Fact Statement (KFS) for borrowers

 KFS is short-document prepared by banker,

 mentioning all the terms conditions, fees/chargers/ interest calculation formulas
 in simple and easy to understand language for the borrower.
 RBI has made KFS compulsory for
o retail loans to individual bororwers (e.g. home loans, education loans, vehicle loans, et
cetera),
o loans to MSME,
o digital lending (online loans),
o microfinance loans

11.6.4 🔪🗓️ L OAN REPAYMENT: BULLET REPAYMENT VS EMI

Equated Monthly Instalment
Type Bullet repayment
(EMI)
Principal & Interest in Monthly basis pe in a single instalment, at the end of a
Repaid in installments loan tenure.

11.6.5 🍬 🗓️ PSL Lollipop for UCB - Bullet repayment (2023)

 If Urban cooperative bank completes its PSL target, then RBI allows it to give upto ₹4 lakh
gold loan (bullet repayment) to customers. [earlier this limit was ₹2 lakhs]

11.6.6 💦🕸️️L IQUIDITY TRAP (तरलता जाल)

- Term was first used by economist John Maynard Keynes.
Concept explained through the comix given below. For more details, watch lecture.

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This results into

Finally

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13.13WHAT IS ALREADY COVERED IN PAST: 1A2 (RBI MONETARY POLICY)?
निम्न चीज़ें हम पहले ही पढ़ चुके हैं. आपने नहीं पढ़ा तो उसमें से देख लेना
Red highlight= I no longer find them very important for 2023-24 Exam cycle. You may ignore them.
✅
13.13.1 Win20: already covered Following in 1A212
• ES20: data on Measures of Money Supply [M1, M3]
• 🐯🔪🗓️ Long Term Repo Operations (LTROs)
• 🐯📢🗃🧬RBI’s Operation Twist (2019-Dec)
• 🔪🗃: 🤑 Bond Yield: Related Concepts
• 🔪🗃: 📉😟 Inverted Yield Curve = recession is coming
• 🔪🗃: 📉 🍕🤯 Negative Bond Yield
• 🐯📢RBI’s Bi-monthly Monetary Policies upto Feb-2020
• 🔪🤲🏻🏠🛵 Bank’s loan interest rate: External Benchmark (बाहरी बेंचमार्क ,2019)
13.13.2 ✅Win21: already covered Following in 1A212
• 😷💸📥📐Corona-2020 Impact on Money Supply, M0, M3, money multiplier as per 📔📔
ES21
• 🐯🤧Reverse Repo Rate cut & Policy corridor Changed asymmetrically
• 💍 Margin Requirements / Loan to Value (LTV) (सीमा अनिवार्यता)
• 🐯📢🌽 Priority Sector Lending Reforms in 2020 (PSL: प्राथमिकता क्षेत्र के लिए ऋण मानक)
• 🐯📢RBI’s Bi-monthly Monetary Policies upto Feb-2021
13.13.3 ✅Win22: already covered Following in 1A212
• Money Multiplier From 2019 to 2021: why fallen?
• Money Multiplier From 1981 to 2020
• 💸⚡️ : Currency in Circulation (CIC)
• 🐯📢 MONETARY POLICY: Quantitative Tools: CRR & SLR
• 🐯📢 MONETARY POLICY: Quantitative Tools: REPO
• 🐯📢 REPO → Special Windows under Atma Nirbhar
• 🐯📢📐 MonPolicy → Quant Tools → Reverse Repo & VRRR
• 🐯🔪 🎛 Enhanced Reverse Repo Rate for Hardworking Bankers
• 🐯📢 MONETARY POLICY: Quantitative Tools: OMO & GSAP
• 🐯📢🗃 📅 : MonPolicy: Quant Tools: OMO → G-SAP
• 🐯📢 US Fed Tapering & Impact on India
• 🐯📢🌽 MONETARY POLICY: QUALITATIVE TOOLS (गुणात्मक साधन)
• 📢 Bi-Monthly Monetary Policies: April-2021 to Feb-2022
11.6.7 ✅Win23: already covered Following in 1A212
 Monetary Policy- Meaning
 Money Supply: observations by 📙ES23
 Monetary Policy Tools: & Inflation control

Mrunal’s Economy Win24 Series Pillar#1A2: RBI Monetary Policy → Page 41

 🐯🗄✂️🗓️ CRR during and after Corona
 Monetary Policy Tools: CRR, SLR
 🐯📢📐 MonPolicy → Repo, MSF, SDF, Reverse Repo
 Policy Corridor / LAF Corridor
 🐯📢📐 Quanti. Tools → SDF (=Reverse Repo walla game Without Collaterals)
 MSF Repo vs Reverse Repo vs SDF
 ️PSL Shortfalls: RIDF and UIDF
 📢 Review of Bi-Monthly Monetary Policies
 🚕🕹 Stance: Calibrated Tightening / Neutral / Accommodative
 🐯🤧📢 Monetary Policy: 2022 so far upto 2023-Feb ⏫
 Monetary policy observations by ES23 📙
 Rate hikes: RBI vs Other Central banks
 Monetary Policy: Soft landing vs Hard Landing
 🐯🔇 Limitations of Monetary Policy in India (मौद्रिक नीती की मर्यादाए)
 🐯🔇 Monetary policy limitations: US Fed Tapering & Impact on India
 🐯🔇 Monetary policy limitations: Black Swan Events
 🐯🔇 Monetary policy limitations: Cantillon Effect
11.7 🧑‍🏫📡MRUNAL’S ECONOMY COURSE FOR UPSC EXAM
 STARTING FROM 24TH FEB, THURSDAY NIGHT HTTPS://UNACADEMY.COM/COURSE/MRUNALS-
ECONOMY-FOR-UPSC-PRELIMS-PCB11-RAFTAAR/CEKEMY3I
 JOIN UNACADEMY PLUS TO UNLOCK ALL OF THE FOLLOWING!

11.7.1 📚 Next Handout

• Pillar1B: Banking sector issues / NPA / Bad Loan etc.
• Missed any downloads/past classes, checkout Mrunal.org/Win24

Mrunal’s Economy Win24 Series Pillar#1A2: RBI Monetary Policy → Page 42