印度的利率降低并没有降低所有收益率, India's rate cuts didn’t lower all yields due to less liquid securities in monetary operations, per SBI Research.

尽管有创纪录的5.5万卢比流动资金注入和125个基点回购利率削减,但根据履行机构的研究,印度的货币宽松并没有统一降低市场收益率。 Despite a record Rs 5.5 lakh crore liquidity injection and a 125 basis point repo rate cut, India’s monetary easing has not uniformly lowered market yields, according to SBI Research. 由于与外部基准挂钩的浮动利率贷款,银行贷款利率迅速下降,但货币市场利率、政府证券收益率和公司债券利率保持稳定或上升,特别是在2025年中期之后。 Bank lending rates dropped quickly due to floating-rate loans tied to the external benchmark, but money market rates, government securities yields, and corporate bond rates remained stable or rose, especially after mid-2025. 国家发展贷款借贷成本变化不大。 State Development Loan borrowing costs saw little change. 报告将这种不均衡的转移归因于在开放市场业务中使用流动性较少的证券,建议转而采用流动性更强的基准工具,以提高收益率曲线信号和恢复对债务市场的信心。 The report attributes the uneven transmission to the use of less liquid securities in open market operations, recommending a shift to more liquid benchmark instruments to improve yield-curve signaling and restore confidence in debt markets.