Market & #8217;S Not Convinced

Five years ago, in November 1997, when Bimal Jalan took over as governor of the Reserve Bank of India, his USP was his uncanny knack of surprising the markets. Today, Jalan played the game of managing market expectations to a T.

He addressed the collective obsession of the banking industry well by cutting the benchmark bank rate by 25 basis points (one basis points is one hundredth of a per cent) and announcing a cut in banks