An RBI rate cut is now seen as a given, some analysts say. Debates in markets have now shifted to the extent of rate cuts, they added.
The analysts expect RBI to cut rates by 50 basis points at one stroke sometime in Feb-April.
"Since the RBI believes that its actions will have a powerful signaling impact on investment sentiment, the first cut may well be 50 bps," Deutsche Bank says in a note.
Deutsche, Citi expect 100 basis points in rate cuts between Feb 2015 and March 2016.
One-year OIS is down 67 basis points since end of September.
Copyright: Thomson Reuters 2014
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