The Report presents 50-bps CRR cut instituited by the RBI in its Dec’24 policy and its impact on the banking system liquidity, while highlighting the difficulties that the MPC might have to face across all dynamics namely liquidity, currency, growth and inflation in the ensuing monetary policy decisions. It also analyses the drastically changing RBI projections, as the Central Bankers contend to maintain balance in an unsettled domestic growth-inflation environment, while global narratives also complicate their task. It finally concludes with SBICAPS’s outlook on yields and upcoming monetary policy actions.