From Cash Crunch To RBI Shock: Will The Economy Take A Big Hit?

India's Reserve Bank today surprised many by not announcing a rate cut as expected to help the economy at a time when its already been badly hit by the cash crunch. So this means that home and car loan rates won't come down. And with the Revenue Secretary admitting that nearly all the banned notes will probably come back into the system, many are asking what the point was of the entire exercise, which has turned more into a currency swap, than a black money clean up.