... 2011, the repo rate (RBI liquidity injection rate), has emerged as the policy rate to signal the stance of monetary policy. Prior to this, the repo rate served as the policy rates in the times of ... in the earlier section and corroborated in a number of earlier studies, there is strong evidence of transmission of policy rate changes through the term structure of interest rates, though the ... impact of interest rate channel of monetary transmission varies across the segments of the financial markets, but it is the strongest in the money market. A 100 basis points change in the policy...