The RBI has delivered a policy bonanza with the clear objective of hastening monetary transmission by the banking system and propelling growth. The RBI MPC announced a surprise 50bps cut in the policy repo rate to 5.50%, a completely unexpected 100bps rate cut in the Cash Reserve Ratio (CRR) from 2HFY26., yet accompanied by a shift in stance to neutral from accommodative. The outsized cut and guidance on liquidity are bold and clear signals for policy transmission to lower lending rates.