EPISODE · Jul 23, 2026 · 52 MIN
Amit Tripathi on monetary policy and Indian banks
from Subtext by Zerodha · host Zerodha
We cover: -What is the repo rate and why can't banks just borrow from RBI forever? -Why banks' cost of funds has become delinked from the policy rate -How liquidity (not just the repo rate) drives real interest rates -The role of capital markets vs. banks in credit creation -What the RBI's FCNR announcement really solved -The future of Indian banking: securitization, efficiency & innovation Timestamp: 0:00 Introduction 1:10 Breaking Down the CNBC Statement 5:17 What Is the Repo Rate? 8:40 How Banks Fund Themselves 11:13 CASA Ratio Declining & Rising Funding Costs 14:55 Liquidity, Balance of Payments & RBI's Role 23:02 The FCNR Announcement Explained 29:40 NBFCs & Monetary Policy Transmission 39:18 Capital Markets vs Banking System 45:30 Future of Banking: Securitization & Innovation
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What this episode covers
In this episode of Subtext, host Kashish sits down with Amit, CIO of Fixed Income at Nippon India to break down one of the most misunderstood concepts in Indian finance: monetary policy transmission. From repo rates and CASA ratios to liquidity dynamics, FCNR deposits, and the future of securitization in Indian banking, this conversation strips away the jargon and explains, from first principles, how money moves through the Indian economy.
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Amit Tripathi on monetary policy and Indian banks
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