印度加息3.5%很多人标题党了，自己看吧。

Late Mon, RBI raised the Bank rate (BR) by 350bps to 9.5% from 6.0% earlier, effective immediately. This move is intended to align the bank rate with the marginal standing facility (MSF), which currently stands at 100bps premium to the Repo rate. The BR has been held unchanged at 6.0% since April 2003. The bank stressed that the change was "one-time technical adjustment" rather than indicative of any shifts in the policy stance, adding that future tweaks in the MSF will concomitantly reflect in the bank rate as well.

The Bank rate is the rate at which RBI buys or re-discounts bills of exchange or other commercial paper eligible, with the measure not actively is use in recent months as Repo and reverse Repo had been used for policy signals. Effectively BR also serves as the penal rate charged on banks for shortfalls in meeting their reserve requirements (CRR + SLR). According to the press release, RBI also added that BR being a discount rate, it has to be technically above the benchmark rate, to which this
change has been affected. As has been highlighted, this change does not have any bearing on main policy levers, and we reckon that the tweak was undertaken to increase the effectiveness of the tool. On the side, today's Jan WPI will be useful in gauging the policy direction for the key Repo rate at next month's meet.