The RBI policy announcements are on expected lines in terms of holding of policy rates and maintaining an accommodative stance. The policy has perfectly complemented the Union Budget in supporting the growth impulses. Extending the On Tap TLTRO to NBFCs and incentivizing lending to new MSME borrowers will support lending to these sectors. Unveiling of structural reform of retail participation in G sec market along with extension of HTM limit relaxation will aid smooth completion of Govt. borrowing programme. The normalization of CRR in a phased manner would smoothen the liquidity absorption process.