An Internal Group in the RBI has been set up very recently to consider further steps towards a Liquidity Adjustment Facility by considering interrelated aspects of making the Bank Rate a true signalling rate, delinking Bank Rate from repo operations and substituting ILAF with LAF.
It did so most recently in April 2009, when returning inflation to target over a longer period was warranted, given the unusually large shock confronting the Canadian economy at the time. Just as we do not have mechanical rules for the path of policy rates, we do not outsource our monetary policy to the U.S. Federal Reserve.