As a result of this concern on high level of liquidity and potential impact on price stability, the Central Bank maintained a tight monetary policy stance by leaving the KFR unchanged at 7.75 percent in the December quarter of 2011 and March quarter of 2012 (see Chart 6).
Raghuram Rajan: Tolerance and respect for economic progress Convocation address by Dr Raghuram Rajan, Governor of the Reserve Bank of India, at the IIT Delhi Convocation, Delhi, 31 October 2015. *  *  *  Thank you very much for inviting me back to the Institute to deliver the convocation address. I graduated with a degree in Electrical Engineering 30 years ago.