Since then, the cash reserve ratio (CRR) has been raised by 100 basis points. The policy repo rate has been raised by a cumulative 325 basis points. As the liquidity in the system transited from surplus to deficit, the effective tightening has been of the order of 475 basis points. Thus, the cumulative monetary policy action would have the desired impact on inflation.
13  See Joseph Noss and Rhiannon Sowerbutts (2012), “The Implicit Subsidy of Banks (PDF),” Bank of England Financial Stability Paper No. 15. BIS central bankers’ speeches  7  Conclusion Today, few ideas can be less controversial than ending too big to fail. The question is “How?”, and there are differing opinions on that.