By being the ultimate supplier of reserves, central banks have a dominant influence on the money market. In India, the experience has been that the transmission of monetary policy to overnight money market rates is instantaneous and full. Collateralised markets may quote slightly finer and draw more volumes than uncollateralised segments, but together they are fully aligned with the policy stance.
One notable example suggesting a change in firms' stance on employment is that the ratio of part-time workers to regular employees, which had been generally on an uptrend since the bursting of the economic bubble, has started to decline.